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EXHIBIT 10.03  

 
  SECOND AMENDMENT TO
  KEEP-WELL AGREEMENT    
  

    
Dated as of June 15, 2001,

effective as of May 29, 2001 

(amending
the Keep-Well Agreement

dated as of

February 26, 1998) 

by

LONDON
CLUBS INTERNATIONAL, PLC,

THE TRUST UNDER ARTICLE SIXTH UNDER

THE WILL OF SIGMUND SOMMER

ALADDIN BAZAAR HOLDINGS, LLC

and

ALADDIN HOLDINGS, LLC

as the Sponsors, 

and

THE
BANK OF NOVA SCOTIA,

as the Administrative Agent for various financial institutions

as the Lenders 

 
 
 

SECOND AMENDMENT TO KEEP-WELL AGREEMENT    
  

    THIS SECOND AMENDMENT TO KEEP-WELL AGREEMENT (this "Second Amendment to Keep-Well
Agreement") dated as of June 15, 2001, effective as of May 29, 2001, by and among LONDON CLUBS INTERNATIONAL, PLC, a company registered in England and Wales under
company number 2862479 ("LCI"), THE TRUST UNDER ARTICLE SIXTH UNDER THE WILL OF SIGMUND SOMMER (the
"Trust"), ALADDIN BAZAAR HOLDINGS, LLC, a Nevada limited-liability company ("ABH") and ALADDIN HOLDINGS,
LLC, a Delaware limited liability company ("AHL"; AHL, ABH, the Trust and LCI are individually called a
"Sponsor" and collectively called the "Sponsors") and THE BANK OF NOVA SCOTIA, as administrative agent
(together with any successor thereto in such capacity, the "Administrative Agent") for the various financial institutions as are or may become parties
hereto (individually, a "Lender" and collectively, the "Lenders"). 

    In
consideration of the mutual agreements herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto, intending to be
legally bound, agree as follows: 

 
 

W I T N E S S E T H:    
  

    WHEREAS, pursuant to a Credit Agreement, dated as of February 26, 1998 (together with that certain First Amendment to Credit Agreement dated as of
January 29, 1999, that certain Second Amendment to Credit Agreement dated as of April 5, 1999, effective as of March 10, 1999, that certain Third Amendment to Credit Agreement
dated as of June 2, 2000, that certain Fourth Amendment to Credit Agreement dated as of July 27, 2000, that certain Fifth Amendment to Credit Agreement dated as of December 29,
2000, that certain Sixth Amendment to Credit Agreement dated as of March 30, 2001 and that certain Seventh Amendment to Credit Agreement (the "Seventh Amendment to
Credit Agreement") of even date herewith and all other amendments and other modifications from time to time hereafter made thereto, the "Credit
Agreement"), among Aladdin Gaming, LLC, a Nevada limited-liability company (the "Borrower"), the Lenders and the Administrative
Agent, Merrill Lynch Capital Corporation, as the syndication agent, and CIBC Oppenheimer Corp., as the documentation agent, the Lenders have extended Commitments to make Loans to the Borrower and to
issue Letters of Credit for the account of the Borrower; and 

    WHEREAS,
the Borrower has requested the Lenders to enter into the Seventh Amendment to Credit Agreement; and 

    WHEREAS,
LCI, ABH, and AHL executed and delivered a Keep-Well Agreement (the "Keep-Well Agreement") in favor of
the Lenders and the Administrative Agent dated as of February 26, 1998 pursuant to which LCI, ABH and AHL agreed, inter alia, to perform the
obligations set forth in the Keep-Well Agreement and certain subsidiaries of LCI (the "Subsidiary Guarantors") have agreed to guarantee
fully and unconditionally the payment of LCI's obligations under the Keep-Well Agreement pursuant to a guaranty agreement dated February 26, 1998 (the "LCI
Subsidiary Guaranty"); and 

    WHEREAS,
the Trust executed and delivered a Joinder Agreement and Consent (the "Joinder Agreement") in favor of the Lenders and the
Administrative Agent dated as of July 27, 2000 pursuant to which the Trust agreed to become a Sponsor under the Keep-Well Agreement; and 

    WHEREAS,
the Sponsors entered into that certain First Amendment to Keep-Well Agreement (the "First Amendment to Keep-Well
Agreement") dated as of March 30, 2001; and 

    WHEREAS,
the Sponsors have requested the Lenders to enter into certain additional amendments to the Keep-Well Agreement; and 

    WHEREAS,
the Sponsors have duly authorized the execution, delivery and performance of this Second Amendment to Keep-Well Agreement and the Subsidiary Guarantors have duly
authorized the execution, delivery and performance of a ratification, reaffirmation and consent agreement (the "Ratification of LCI Subsidiary
Guaranty") with respect to the Subsidiary Guaranty, an executed 

–2–

 

counterpart of which is annexed hereto (the LCI Subsidiary Guaranty, together with the Ratification of LCI Subsidiary Guaranty and all other amendments and other modifications from time to time
hereafter made thereto, the "Subsidiary Guaranty"); and 

    WHEREAS,
it is in the best interests of the Sponsors to execute this Second Amendment to Keep-Well Agreement and the Subsidiary Guarantors to execute the Ratification of
LCI Subsidiary Guaranty inasmuch as the Sponsors and the Subsidiary Guarantors have and will continue to derive substantial direct and indirect benefits from the Loans (as such term is defined in the
Credit Agreement; each capitalized term not otherwise defined herein shall have the meaning ascribed to such term in the Credit Agreement) made to the Borrower by the Lenders pursuant to the Credit
Agreement; and 

    WHEREAS,
each of the parties hereto is willing, on the terms and subject to the conditions hereinafter set forth, to so amend the Keep-Well Agreement upon the terms and
conditions set forth below. 

    NOW,
THEREFORE, in consideration of the agreements contained herein, the parties hereto agree as follows: 

 
 

ARTICLE 1
  
    AMENDMENTS    
  

    SECTION
1.1  Amendments.  The parties hereto hereby agree that from and after the Effective Date (as
defined in Section 3.1) the following amendments shall be made to the Keep-Well Agreement, as amended by the First Amendment to
Credit Agreement: 

    (a) The
definition of "Keep-Well Termination Date" set forth in  Section 1 of the Keep-Well Agreement, as amended by the First Amendment to Keep-Well Agreement,
 shall be deleted in its
entirety and the following definition of "Keep-Well Termination Date" shall be substituted in its place: 

" 'Keep-Well Termination Date' shall mean the earliest of (i) the day on which full and indefeasible payment of the
Obligations of the Borrower under the Credit Agreement has been made to reduce the Commitments of the Lenders thereunder to $145,000,000 or less, (ii) the last day of the period of six
consecutive fiscal quarters from and after the Conversion Date during which the Borrower shall have satisfied each of the financial covenants set forth in the Credit Agreement (without giving effect
to the Seventh Amendment to Credit Agreement or to any other amendment of the Credit Agreement which became effective prior to the date of the Seventh Amendment to Credit Agreement or to any payments
to or investments by the Sponsors in or for the benefit of the Borrower), (iii) the date on which both of the following shall have been satisfied: (a) construction of the Aladdin Hotel
and Casino and renovation of the Theater has been completed in accordance with all terms of the Credit Agreement and (b) the Commitments and the aggregate outstanding principal amount of the
Obligations under the Credit Agreement shall have been reduced to an amount not in excess of the amount specified for such date on Schedule 1
hereto, (iv) the date on which the Sponsors shall have made full payment of the Accelerated Payment Amount described under Section 4 below
or (v) in the case of LCI only, the date on which it shall have made full payment of the Accelerated Payment Amount described under  Section 13 below." 

    (b) The
following sentences shall be added after the second sentence of Section 2 of the Keep-Well Agreement, as amended by the First Amendment to
Keep-Well Agreement: 

"Notwithstanding
the foregoing, with respect only to the Fiscal Quarter ending March 31, 2001, the amount of the Cash Equity Contributions for such Fiscal Quarter (the
'FQ2 Cash Equity Contributions')
shall equal all Debt Service (including, without limitation, Debt Service payments due on or about June 29, 2001 and August 1, 2001) and such other amounts 

–3–

 

reasonably required by the Board of Managers of the Borrower to perform in all material respects its covenants in the first four sentences of Section 7.1.3 of the Credit Agreement (without
giving effect to any grace, notice or cure period granted to the Borrower under the Credit Agreement), in each case which is due and payable or otherwise required by the Borrower on or before
August 1, 2001 and which has not been funded by the Borrower in accordance with the Loan Documents (without giving effect to any grace, notice or cure period granted to the Borrower under the
Credit Agreement). With respect to such Debt Service which is due and payable on or before August 1, 2001, such Cash Equity Contributions shall be made by the Sponsors on or before the date
that such amount is due and payable under the Loan Documents, in each case without giving effect to any grace, notice or cure period granted to the Borrower thereunder. With respect to amounts
reasonably required by the Borrower to perform in all material respects its covenants in the first four sentences of Section 7.1.3 of the Credit Agreement, such Cash Equity Contributions shall
be made within three Business Days after request therefor has been made by the Borrower, without giving effect to any grace, notice or cure period granted to the Borrower under the Loan Documents." 

 
 

ARTICLE 2
  
    RATIFICATION AND REAFFIRMATION    
  

    SECTION
2.1  Ratification and Reaffirmation.  This Second Amendment to Keep-Well Agreement
shall be deemed to be an amendment to the Keep-Well Agreement, as amended by the First Amendment to Keep-Well Agreement, and the Keep-Well Agreement, as amended by
the First Amendment to Keep-Well Agreement and this Second Amendment to Keep-Well Agreement, shall continue in full force and effect and is hereby ratified, approved and
confirmed in each and every respect. 

 
 

ARTICLE 3
  
    CONDITIONS PRECEDENT AND COVENANT    
  

    SECTION
3.1  Conditions to Effectiveness.  The amendments in  Section 1.1 of this Second Amendment to Keep-Well Agreement shall become
effective on the date (the
"Effective Date") on which each of the following conditions precedent shall have been satisfied. 

    (a)  Execution of Documents.  The Administrative Agent shall have received counterparts of
(i) this Second Amendment to Keep-Well Agreement executed by an Authorized Representative of the parties hereto, (ii) the Ratification of LCI Subsidiary Guaranty executed by
the Authorized Representatives of the Subsidiary Guarantors and LCI, (iii) the Seventh Amendment to Credit Agreement executed by Authorized Representatives of the Borrower and the
Administrative Agent and (iv) all documentation required by Section 3.1 of the Seventh Amendment to Credit Agreement. 

    (b)  Seventh Amendment to Credit Agreement.  The Seventh Amendment to Credit Agreement shall have become
effective in accordance with its terms. 

    (c)  Incumbency, etc.  The Administrative Agent shall have received (with copies for each Lender) a
certificate, dated as of the Effective Date, of an Authorized Representative of each Sponsor certifying 

    (i)  as
to the incumbency and signatures of the Person or Persons authorized to execute and deliver this Second Amendment to Keep-Well Agreement and any
instruments or agreements required hereunder, 

    (ii) as
to an attached copy of one or more resolutions or other authorizations of the Sponsors certified by the Authorized Representative of each such Sponsor as being
in full 

–4–

 

force and effect on the date hereof, authorizing the execution, delivery and performance of this Second Amendment to Keep-Well Agreement and any instruments or agreements required
hereunder, and 

    (iii) that
the Organizational Documents of such Sponsor have not been modified since the date on which they were last delivered to the Administrative Agent, 

upon
which certificate the Administrative Agent and the Lenders (collectively, the "Financing Parties") may conclusively rely until the Administrative
Agent has received a further certificate of an Authorized Representative of such Sponsor canceling or amending such prior certificate. 

    (c)  Fees.  All reasonable fees and costs and expenses of Mayer, Brown & Platt and other
professionals employed by the Administrative Agent and all other reasonable expenses of the Administrative Agent in connection with the negotiation, execution and delivery of this Second Amendment to
Keep-Well Agreement and the transactions contemplated herein shall have been paid in full. 

    (d)  Satisfactory Legal Form.  Each Financing Party and its counsel shall have received all information,
approvals, opinions, documents or instruments as each Financing Party or its counsel may have reasonably requested, and all documents executed or submitted pursuant hereto by or on behalf of each
Sponsor shall be reasonably satisfactory in form and substance to each Financing Party and its counsel. 

    (e)  Default.  After giving effect to this Second Amendment to Keep-Well Agreement and the
Seventh Amendment to Credit Agreement the following statements shall be true and correct: (i) to the best knowledge of each Sponsor, no act or condition exists which, with the giving of notice
or passage of time would constitute a "Default" or "Event of Default" (as defined in the Credit
Agreement, the GECC Facilities Agreement and Discount Note Indenture) has occurred and is continuing as of the date hereof and (ii) no material adverse change in (A) the financial
condition, business, property, prospects or ability of the Sponsors or the Borrower to perform in all material respects its respective obligations under any Operative Document or any of the documents
evidencing and securing the FF&E Financing to which it is a party or (B) the financial condition, business, property, prospects and ability of any other Aladdin Party or, to the best knowledge
of such Sponsor, LCNI to perform in all material respects its obligations under any Operative Document to which it is a party has occurred since the Closing Date. 

    (f)  Consents and Approvals.  All approvals and consents required to be taken, given or obtained, as the
case may be, by or from any Governmental Instrumentality or another Person, or by or from any trustee (including, without limitation, GECC and the Discount Note Indenture Trustee) or holder of any
indebtedness or obligation of the Borrower or the Sponsor, that are necessary or, in the reasonable opinion of the Administrative Agent, advisable in connection with the execution, delivery and
performance of this Second Amendment to Keep-Well Agreement by all parties hereto, shall have been taken, given or obtained, as the case may be, shall be in full force and effect and the
time for appeal with respect to any thereof shall have expired (or, if an appeal shall have been taken, the same shall have been dismissed) and shall not be subject to any pending proceedings or
appeals (administrative, judicial or otherwise) and shall be in form and substance reasonably satisfactory to the Administrative Agent. 

    (g)  Delivery of Second Amendment to Keep-Well Agreement.  The Sponsor shall have delivered
this Second Amendment to Keep-Well Agreement to all Persons entitled thereto under the Operative Documents to receive delivery hereof. 

    (h)  Opinions.  The Administrative Agent shall have received such opinions of counsel as it deems
necessary, dated as of the Effective Date and addressed to the Administrative Agent and the Lenders which shall be in form and substance reasonably satisfactory to the Administrative Agent. 

–5–

 
 
 

ARTICLE 4
  
    REPRESENTATIONS AND WARRANTIES    
  

    In order to induce each Financing Party to enter into this Second Amendment to Keep-Well Agreement, each Sponsor, as to itself, reaffirms, as of
the Effective Date, its representations and warranties contained in the Keep-Well Agreement (as amended by the First Amendment to Keep-Well Agreement and this Second Amendment
to Keep-Well Agreement) and additionally represents and warrants, as to itself, unto each Financing Party as set forth in this  Article IV. 

    SECTION
4.1  Due Authorization, Non-Contravention, etc.  The execution, delivery and
performance by each Sponsor of this Second Amendment to Keep-Well Agreement and each other document executed or to be executed by it in connection with this Second Amendment to
Keep-Well Agreement are within such Sponsor's powers, have been duly authorized by all necessary action, and do not 

	(a)
	contravene
such Sponsor's Organizational Documents; 
	(b)
	contravene
any contractual restriction binding on or affecting such Sponsor; 
	(c)
	contravene
any court decree or order or Legal Requirement binding on or affecting such Sponsor; or 
	(d)
	result
in, or require the creation or imposition of, any Lien on any of such Sponsor's properties except as expressly contemplated by the Operative Documents, 

and
the Financing Parties may conclusively rely on such representation and warranty. 

    SECTION
4.2  Government Approval, Regulation, etc.  No authorization or approval or other action by, and
no notice to or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by the Sponsor of this Second Amendment to
Keep-Well Agreement or any other document to be executed by it in connection with this Second Amendment to Keep-Well Agreement. 

    SECTION
4.3  Validity, etc.  This Second Amendment to Keep-Well Agreement constitutes the
legal, valid and binding obligations of the Sponsors enforceable in accordance with their respective terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors rights generally and by general principles of equity. 

    SECTION
4.4  Limitation.  Except as expressly provided hereby, all of the representations, warranties,
terms, covenants and conditions of the Keep-Well Agreement, as amended by the First Amendment to Credit Agreement and this Second Amendment to Credit Agreement and each other Operative
Document shall remain unamended and unwaived and shall continue to be, and shall remain, in full force and effect in accordance with their respective terms. The amendments and modifications set forth
herein shall be limited precisely as provided for herein, and shall not be deemed to be a waiver of, amendment or modification of any other term or provision of the Keep-Well Agreement or
other Instrument referred to therein or herein, or of any transaction or further or future action on the part of the Borrower or any other Person which would require the consent of the Agents, the
Lenders, GECC or the Discount Note Indenture Trustee. 

    SECTION
4.5  Offsets and Defenses.  The Sponsors have no offsets or defenses to their obligations under
the Loan Documents to which they are a party and no claims or counterclaims against any of the Agents or the Lenders. 

–6–

 
 
 

ARTICLE 5
  
    MISCELLANEOUS PROVISIONS    
  

    SECTION
5.1  Headings.  The various headings of this Second Amendment to Keep-Well Agreement
are inserted for convenience only and shall not affect the meaning or interpretation of this Second Amendment to Keep-Well Agreement or any provisions hereof. 

    SECTION
5.2  Applicable Law.  THIS SECOND AMENDMENT TO
KEEP-WELL AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SECOND AMENDMENT TO KEEP-WELL AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW, BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAW RULES OF
SUCH STATE.

    SECTION
5.3  Cross-References.  References in this Second Amendment to Keep-Well Agreement to
any Article or Section are, unless otherwise specified, to such Article or Section of this Second Amendment to Keep-Well Agreement. 

    SECTION
5.4  Operative Document.  This Second Amendment to Keep-Well Agreement is a Loan
Document executed pursuant to the Credit Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the
Credit Agreement. 

    SECTION
5.5  Successors and Assigns.  This Second Amendment to Keep-Well Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 

    SECTION
5.6  Counterparts.  This Second Amendment to Keep-Well Agreement may be executed by
the parties hereto in any number of counterparts and on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. 

–7–

 

    IN WITNESS WHEREOF, the parties hereto have executed this Second Amendment to Keep-Well Agreement as of the day and year first above written. 

	 	 	 	 
	 	 	ALADDIN BAZAAR HOLDINGS, LLC
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	 	 	ALADDIN HOLDINGS, LLC
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	 	 	THE TRUST UNDER ARTICLE SIXTH

UNDER THE WILL OF SIGMUND SOMMER
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:  Trustee
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:  Trustee
	

 	
 	

 	

 
	 	 	LONDON CLUBS INTERNATIONAL PLC
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	 
	

 	
 	

 	

 
	 	 	THE BANK OF NOVA SCOTIA,

as the Administrative Agent
	

 	
 	

 	

 
	 	 	By:	 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	 

–8–

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SECOND AMENDMENT TO KEEP-WELL AGREEMENT

SECOND AMENDMENT TO KEEP-WELL AGREEMENT

W I T N E S S E T H

ARTICLE 1 AMENDMENTS

ARTICLE 2 RATIFICATION AND REAFFIRMATION

ARTICLE 3 CONDITIONS PRECEDENT AND COVENANT

ARTICLE 4 REPRESENTATIONS AND WARRANTIES

ARTICLE 5 MISCELLANEOUS PROVISIONSPrepared by MERRILL CORPORATION

Exhibit 10.04  

    
AGREEMENT OF AMENDMENT NO. 6 

    THIS
AGREEMENT OF AMENDMENT NO. 6 (this "Amendment") is dated as of June  , 2001, effective as of May 29, 2001, among GENERAL ELECTRIC CAPITAL CORPORATION, FOR
ITSELF AND AS AGENT FOR CERTAIN PARTICIPANTS ("GE Capital"), GMAC COMMERCIAL MORTGAGE CORPORATION ("GMAC CMC") and ALADDIN GAMING, LLC ("Aladdin Gaming"). 

    GE
Capital and Aladdin Gaming have heretofore executed that certain Facilities Agreement, dated as of June 26, 1998, as amended (the "Facilities Agreement"), and pursuant
thereto that certain Master Lease Agreement, dated as of June 26, 1998, (the "Lease Agreement;" and together with the Facilities Agreement being sometimes hereinafter collectively referred to
as the "Agreements"). Capitalized terms used herein without definition shall have the meaning given them in the Agreements. 

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, the parties agree as follows: 

    SECTION
1. AMENDMENTS TO FACILITIES AGREEMENT. The Facilities Agreement is amended as follows: 

    Section 1.1.  The definitions, and any amendments thereto, contained in that certain Seventh Amendment to Credit
Agreement, dated as of June 15, 2001, effective as of May 29, 2001 ("Seventh Amendment"), are hereby incorporated into the Facilities Agreement and the Agreements. 

    Section 1.2.  The following proviso shall be added to the end of Section 12(a)(3): 

    ";
provided, however, in no event shall such 30 day notice period apply to any
monetary obligation of the Sponsors under the Keep-Well Agreement, it being expressly understood that performance by the Sponsors thereunder shall be required in accordance with the terms
of the Keep-Well Agreement." 

    SECTION
2. Conditions to Effectiveness. This Amendment shall be and become effective on the date (the
"Effective Date") on which each of the following conditions precedent shall have been satisfied. 

    Section 2.1 Execution of Documents.  GE Capital and GMAC CMC have received counterparts of (i) this
Amendment executed by Authorized Representatives of Aladdin Gaming and the Administrative Agent; (ii) the Seventh Amendment executed by the Authorized Representative of the parties thereto; and
(iii) delivery of such other items required by GE Capital and GMAC CMC. 

    Section 2.2 Incumbency, etc.  GE Capital and GMAC CMC shall have received a certificate, dated as of the date of
this Amendment, of an Aladdin Gaming Authorized Representative: 

	(i)
	as
to the incumbency and signatures of the Person or Persons authorized to execute and deliver this Amendment and any instruments or agreements
required hereunder,

	(ii)
	as
to an attached copy of one or more resolutions or other authorizations of the manager of Aladdin Gaming certified by the Authorized
Representative of such manager as being in full force and effect on the date hereof, authorizing the execution, delivery and performance of this Amendment and any instruments or agreements required
hereunder, and

	(iii)
	that
the Organizational Documents of Aladdin Gaming have not been modified since the date on which they were last delivered to GE Capital, 

upon
which certificate GE Capital and GMAC CMC may conclusively rely until they shall have received a further certificate of an Authorized Representative of Aladdin Gaming canceling or amending such
prior certificate. 

 

    Section 2.3 Fees.  All reasonable fees and costs and expenses of Ober, Kaler, Grimes & Shriver and other
professionals employed by GE Capital and GMAC CMC and all other reasonable expenses of the GE
Capital and GMAC CMC in connection with the negotiation, execution and delivery of this Amendment and the transactions contemplated herein shall have been paid in full. 

    Section 2.4  Satisfactory Legal Form. GE Capital and GMAC CMC
shall have received all information, approvals, opinions, documents or instruments as GE Capital and GMAC CMC may have reasonably requested, and all documents executed or submitted pursuant hereto by
or on behalf of Aladdin Gaming shall be reasonably satisfactory in form and substance to GE Capital and GMAC CMC. 

    Section 2.5 Defaults.  After giving effect to the Seventh Amendment and this Amendment, the following statements
shall be true and correct: (i) to the best knowledge of Aladdin Gaming, no act or condition exists which, with the giving of notice or passage of time, would constitute a "Default" or "Event of
Default" (as defined in the Credit Agreement, the Facilities Agreement and the Discount Note Indenture) and (ii) no material adverse change has occurred in the financial condition, business,
property, prospects or ability of Aladdin Gaming to perform in all material respects its obligations under any Operative Document or any of the documents evidencing and securing the FF&E Financing to
which it is a party. 

    Section 2.6 Consents and Approvals.  All approvals and consents required to be taken, given or obtained, as the
case may be, by or from any Governmental Instrumentality or another Person, or by or from any trustee (including, without limitation, GE Capital and GMAC CMC and the Discount Note Indenture Trustee)
or holder of any Indebtedness or Obligation of Aladdin Gaming, that are necessary or, in the reasonable opinion of GE Capital and GMAC CMC, advisable in connection with the execution, delivery and
performance of this Amendment, by all parties hereto or thereto, shall have been taken, given or obtained, as the case may be, shall be in full force and effect and the time for appeal with respect to
any thereof shall have expired (or, if an appeal shall have been taken, the same shall have been dismissed) and shall not be subject to any pending proceedings or appeals (administrative, judicial or
otherwise) and shall be in form and substance reasonably satisfactory to GE Capital and GMAC CMC. 

    Section 2.7 Delivery of Amendment.  Aladdin Gaming shall have delivered this Amendment to all Persons entitled
under the Operative Documents to receive delivery hereof. 

    Section 2.8 Opinions.  GE Capital and GMAC CMC shall have received such opinions of counsel as it deems
necessary, dated as of the date of this Amendment and addressed to GE Capital and GMAC CMC, which shall be in form and substance satisfactory to GE Capital and GMAC CMC. 

    SECTION
3. REPRESENTATIONS AND WARRANTIES. In order to induce GE Capital and GMAC CMC to enter into this Amendment, Aladdin Gaming
hereby reaffirms, as of the date of this Amendment, its representations and warranties contained in Section 8 of the Facilities Agreement and additionally represents and warrants unto GE
Capital and GMAC CMC as set forth in this Section 3. 

    Section 3.1 Matters Pertaining to the Facilities Agreement and the Discount Note Indenture.  Aladdin Gaming has
performed in all material respects its obligations under the Agreements and the Discount Note Indenture. After giving effect to this Amendment and the Seventh Amendment, to the best knowledge of
Aladdin Gaming, no act or condition exists which, with the giving of notice or passage of time, would constitute a "Default" or "Event of Default" (as defined in the Credit Agreement, the Facilities
Agreement and the Discount Note Indenture). No material adverse change has occurred with respect to the financial condition, business, property, prospects or ability of Aladdin Gaming to perform in
all material respects its obligations under any Operative Document or the Facilities Agreement. 

2

 

    Section 3.2 Due Authorization, Non-Contravention, etc.  The execution, delivery and performance by
Aladdin Gaming of this Amendment and each other document executed or to be executed by it in connection with this Amendment are within Aladdin Gaming's powers, have been duly authorized by all
necessary action, and do not 

	(a)
	contravene
Aladdin Gaming's Organizational Documents;

	(b)
	contravene
any contractual restriction binding on or affecting any of the Aladdin Parties and/or the London Clubs Parties;

	(c)
	contravene
any court decree or order or Legal Requirement binding on or affecting any of the Aladdin Parties and/or the London Clubs Parties; or

	(d)
	result
in, or require the creation or imposition of, any Lien on any property of Aladdin Gaming, except as expressly permitted by the Operative Documents, 

and
GE Capital and GMAC CMC may conclusively rely on such representation and warranty. 

    Section 3.3 Government Approval, Regulation, etc.  No authorization or approval or other action by, and no notice
to or filing with, any governmental authority or regulatory body or other Person is required for the due execution, delivery or performance by Aladdin Gaming or any other Person of this Amendment or
any other document to be executed by it or any other Person in connection with this Amendment. 

    Section 3.4 Validity, etc.  This Amendment constitutes, and each other document executed by Aladdin Gaming in
connection with this Amendment, on the due execution and delivery thereof, will constitute, the legal, valid and binding obligations of Aladdin Gaming enforceable in accordance with their respective
terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors rights generally and by general principles of equity. 

    Section 3.5 Limitation.  Except as expressly provided hereby, all of the representations, warranties, terms,
covenants and conditions of the Facilities Agreement and each other Operative Document shall remain unamended and unwaived and shall continue to be, and shall remain, in full force and effect in
accordance with their respective terms. The amendments and modifications set forth herein shall be limited precisely as provided for herein, and shall not be deemed to be a waiver of, amendment of,
consent to or modification of any other term or provision of the Credit Agreement, the Facilities Agreement, any Operative Document, the Discount Note Indenture or other Instrument referred to therein
or herein, or of any transaction or further or future action on the part of Aladdin Gaming or any other Person which would require the consent of GE Capital and GMAC CMC, or the Discount Note
Indenture Trustee or any other Person. 

    Section 3.6 Offsets and Defenses.  Aladdin Gaming has no offsets or defenses to its obligations under the
Agreements and no claims or counterclaims against GE Capital or GMAC CMC. 

    Section 3.7 Release by Aladdin Gaming.  (a) As an inducement to GE Capital and GMAC CMC to enter into
this Amendment, Aladdin Gaming hereby releases and discharges GE Capital and GMAC CMC, and their respective successors and assigns, and all officers, directors, employees, agents, representatives,
insurers and attorneys of each of them from all actions, counterclaims, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts,
controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims, and demands whatsoever, in law, admiralty or equity, against GE Capital and GMAC CMC, and/or their
successors and assigns which Aladdin Gaming ever had, now has or hereafter can, shall or may, have for, upon, or by reason of any matter, cause or thing whatsoever from the beginning of the world to
the day of the date of this Amendment (the "Released Claims"). 

3

 

    (b) In order to induce GE Capital and GMAC CMC to accept the release set forth herein on behalf of, Aladdin Gaming represents that: 

    (i)  such
release constitutes a legal, valid and binding obligation of Aladdin Gaming, enforceable against it in accordance with its terms. The execution and delivery
of, and the performance and compliance by Aladdin Gaming with such release will not conflict with, or constitute on the part of Aladdin Gaming a violation or breach of, or a default under, and will
not require any authorization, consent, approval or other action by, or any notice to, or filing with any court or administrative body or any other Person
pursuant to, any mortgage, deed of trust, loan agreement, trust agreement or other agreement or instrument to which Aladdin Gaming or any of its property is subject or any laws and other governmental
requirements; and 

    (ii) Aladdin
Gaming (A) has not sold, transferred, conveyed, abandoned or otherwise disposed of any of the Released Claims, whether or not known, suspected or
claimed that Aladdin Gaming has, had or may have, against GE Capital and GMAC CMC, and/or any of their successors, predecessors (including, without limitation, all predecessors by virtue of merger)
and assigns, as the case may be and (B) has sought the advice of counsel with respect to the execution and delivery of this Amendment and Aladdin Gaming understands the legal implications with
respect to the release set forth herein and the other documents executed by Aladdin Gaming in connection herewith. 

    (c) Aladdin
Gaming hereby acknowledges that it may hereafter discover facts in addition to or different from those which it now knows or believes to be true with
respect to the subject matter of the release set forth herein, but that it is Aladdin Gaming's intention to, and it does, hereby fully, finally and forever settle the Released Claims; in furtherance
of such intention, Aladdin Gaming acknowledges that the release set forth herein shall be and remain in effect as a full and complete release, notwithstanding the subsequent discovery or existence of
any such additional or different facts. 

    SECTION
4. MISCELLANEOUS PROVISIONS. 

    Section 4.1. Ratification of and References to the Facilities Agreement.  This Amendment shall be deemed to be an
amendment to the Facilities Agreement, and the Facilities Agreement, as amended by this Amendment, shall continue in full force and effect and is hereby ratified, approved and confirmed in each and
every respect. All references to the Facilities Agreement in any other document, instrument, agreement or writing shall hereafter be deemed to refer to the Facilities Agreement, as amended by this
Amendment. 

    Section 4.2 Headings.  The various headings of this Amendment are inserted for convenience only and shall not
affect the meaning or interpretation of this Amendment or any provisions hereof. 

    Section 4.3 Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE. 

    Section 4.3 Cross-References.  References in this Amendment to any Article or Section are, unless otherwise
specified, to such Article or Section of this Amendment. 

    Section 4.5 Operative Document.  This Amendment is an Operative Document executed pursuant to the Facilities
Agreement and shall (unless otherwise expressly indicated therein) be construed, administered and applied in accordance with the terms and provisions of the Facilities Agreement. 

    Section 4.6 Successors and Assigns.  This Amendment shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns. 

4

 

    Section 4.7 Counterparts.  This Amendment may be executed by the parties hereto in any number of counterparts and
on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. 

    Section 4.8 Reservation of Rights.  Aladdin Gaming agrees that this Amendment and GE Capital and GMAC CMC's
consent thereto either before or after the date hereof shall not constitute (x) a waiver or forbearance by GE Capital and GMAC CMC under any of the Operative Documents, (y) the
acceptance by GE Capital and GMAC CMC of any course of conduct by Aladdin Gaming, the Completion Guarantors or any other Person, or (z) an agreement by GE Capital and GMAC CMC to amend any of
the Operative Documents or waive any of the provisions thereof without a corresponding amendment of the Senior Credit Agreement or waiver from the Administrative Agent on behalf of the Lenders, as the
case may be. Aladdin Gaming further agrees that GE Capital and GMAC CMC reserve all rights, remedies and options under the Operative Documents to require Aladdin Gaming to satisfy in all respects the
conditions relating to each Funding and perform all of its obligations under the Operative Documents which are then due and owing or are susceptible of performance, as the case may be. 

    IN
WITNESS WHEREOF, this Agreement of Amendment No. 6 Agreement has been duly executed as of the date first above written. 

	 
	 	 

	ALADDIN GAMING, LLC	 	GENERAL ELECTRIC CAPITAL

CORPORATION, FOR ITSELF AND AS

AGENT FOR CERTAIN PARTICIPANTS
	By:

                             	 	By:

                             
	Name:

                            	 	Name:

                            
	Title:

                             	 	Title:

                             
	

 	
 	

GMAC COMMERCIAL MORTGAGE

CORPORATION
	

 	
 	

By:

                             
	 	 	Name:

                            
	 	 	Title:

                             

PURSUANT
TO SECTION 5.1(C) OF THAT CERTAIN INTERCREDITOR AGREEMENT DATED AS OF JUNE 30, 1998, BY AND AMONG THE BANK OF NOVA SCOTIA, AS ADMINISTRATIVE AGENT, GENERAL ELECTRIC CAPITAL CORPORATION, FOR
ITSELF AND AS AGENT FOR CERTAIN PARTICIPANTS, AND ALADDIN GAMING, LLC, THE UNDERSIGN CONSENTS TO THE EXECUTION OF THE FOREGOING AMENDMENT BY ALADDIN GAMING, LLC. 

	 
	 	 

	 	 	THE BANK OF NOVA SCOTIA,

As Administrative Agent
	

 	
 	

By:

                             
	 	 	Name:

                            
	 	 	Title:

                             

5

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