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Prepared by MERRILL CORPORATION

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EXHIBIT 4.1    
  

 
 

EXECUTION    
  

 
  AMENDMENT NO. 3 TO FIVE YEAR CREDIT AGREEMENT    
  

    This Amendment No. 3 to Five Year Credit Agreement dated as of August 23, 2001 (this "Amendment") is entered into with reference to the Five Year
Credit Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the
"Credit Agreement"), among PARK PLACE ENTERTAINMENT CORPORATION, the Lenders, Syndication Agent and Documentation Agents referred to therein, and BANK OF AMERICA, N.A., as Administrative Agent.
Capitalized terms used in this Amendment and not otherwise defined herein are used with the meanings set forth for those terms in the Credit Agreement. The Borrower and the Administrative Agent
(acting with the consent of the Required Lenders pursuant to Section 9.04 of the Credit Agreement) hereby agree with reference to the following facts: 

    A.  Concurrently
with the effectiveness of this Amendment, the Borrower is entering into a $1,430,000,000 Multi-Year Credit Agreement of even date herewith
with the lenders named therein and Bank of America as Administrative Agent providing for a two year extension of the maturity of the Credit Agreement following the termination of the Credit Agreement; 

    B.  Concurrently
with the effectiveness of this Amendment, the Borrower is entering into a $1,500,000,000 Short Term Credit Agreement dated as of August 23, 2001
with certain lenders named therein, and Bank of America, N.A., as Administrative Agent (the "Short Term Credit Agreement") to become effective on August 23, 2001 (concurrently with the
termination of the Borrower's existing Short Term Credit Agreement dated as of August 28, 2000); 

    C.  The
Borrower has requested an increase in the amount of the credit facilities provided under the Credit Agreement to be effective concurrently with the
effectiveness of this Amendment. 

    D.  The
Borrower and the Administrative Agent, acting on behalf of the Lenders with the consent of the Required Lenders, desire to make certain conforming amendments to
the Credit Amendment as set forth herein. 

    NOW,
THEREFORE, the parties agree to amend the Credit Agreement as follows: 

    1.  Exercise of Commitment Increase Option.  It is agreed that the Commitment is hereby increased to the
principal amount of $2,032,000,000 concurrently with the effectiveness of this Amendment in accordance with Section 2.23 of the Agreement, notwithstanding any technical
non-conformity with the procedures set forth in that Section, with the increased commitment being assumed by the Lenders which are party to the Joinder and Assumption Agreement described
in Section 4 hereof. In furtherance of the foregoing, the definition of "Commitment" is hereby amended to read in full as follows: 

"Commitment"
means, as to each Lender, the commitment of that Lender to make Loans and to participate in Letters of Credit and Swing Line Loans, in each case as such amount may be reduced from time to
time pursuant to Section 2.12, 2.13, 2.14 or 2.24, or increased pursuant to Section 2.23. As of August 23, 2001, the aggregate amount of the Commitments under this Agreement is
$2,032,000,000. 

    2.  Section 2.15—Extensions of the Termination Date.  Section 2.15 of the
Credit Agreement is hereby deleted in its entirety. 

1

 

    3.  Section 5.09—Use of Proceeds.  Section 5.09 of the Credit Agreement is
hereby amended to read in full as follows: 

"5.09
Use of Proceeds. The proceeds of the Loans made under this Agreement will be used by the Borrower for general corporate purposes. None of such
proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any "margin stock" within the meaning of Regulation U other than
"margin stock" issued by the Borrower which is retired upon purchase or for any purpose which violates Section 5.08." 

    4.  Section 5.10—Leverage Ratio.  Section 5.10 of the Credit Agreement is
hereby amended to read in full as follows: 

"5.10
Leverage Ratio. The Leverage Ratio will not, as of the last day of any fiscal quarter of the Borrower described in the matrix below, exceed the
ratio set forth opposite that fiscal quarter: 

	Fiscal Quarters Ending
	 	Maximum Ratio

	June 30, 2001 through and including December 31, 2001	 	4.75:1.00
	

Later Fiscal Quarters	
 	

4.50:1.00."

    5.  Conditions Precedent.  The effectiveness of this Amendment shall be conditioned upon the receipt by
the Administrative Agent of: 

    (a) written
consents hereto executed by the Required Lenders, substantially in the form of Exhibit A hereto; 

    (b) a
Joinder and Assumption Agreement with respect to the Credit Agreement executed by the Borrower, the Administrative Agent, each new Lender becoming a party to the
Credit Agreement concurrently with the effectiveness of this Amendment and each existing Lender which is increasing its Commitment under the Credit Agreement, substantially in the form of
Exhibit B hereto; 

    (c) Fees
paid by the Borrower in the amount heretofore agreed upon among the Lead Arranger, the Administrative Agent and the Borrower on account of each Lender
executing a Joinder and Assumption Agreement; 

    (d) Notes
for each new Lender becoming a party to the Credit Agreement pursuant to the Joinder and Assumption Agreement in the amounts of their respective Commitments;
and 

    (e) the
executed Short Term Credit Agreement, in the form previously distributed to the Lenders, to be effective as of August 23, 2001 and providing for short
term credit facilities in an aggregate principal amount of not less than $1,500,000,000. 

    6.  Representations and Warranties.  The Borrower represents and warrants to the Administrative Agent and
the Lenders that, as of the date of this Amendment, no Default or Event of Default has occurred and remains continuing. 

    7.  Confirmation.  In all other respects, the terms of the Credit Agreement and the other Loan Documents
are hereby confirmed. 

2

 

    IN WITNESS WHEREOF, the Borrower and the Administrative Agent have executed this Amendment as of the date first written above by their duly authorized representatives. 

	 	 	PARK PLACE ENTERTAINMENT CORPORATION
	

 	
 	

By:	

/s/ SCOTT LAPORTA   
 Scott LaPorta, Executive Vice President and Chief Financial Officer
	

 	
 	

BANK OF AMERICA, N.A., as Administrative Agent on behalf of the Required Lenders
	

 	
 	

By:	

/s/ JANICE HAMMOND   
 Janice Hammond, Vice President

3

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	BANK OF AMERICA, N.A.
 [Name of Lender]	 	 
	

By:	
 	

/s/ GEORGE HAUSLER   
	
 	

 
	

Title:	
 	

Managing Director
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	BANKERS TRUST COMPANY
 [Name of Lender]	 	 
	

By:	
 	

/s/ STEVEN P. LAPHAM   
	
 	

 
	

Title:	
 	

Director
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of
August 28, 2000, the "Credit Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as
Administrative Agent. Capitalized terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	THE BANK OF NOVA SCOTIA
 [Name of Lender]	 	 
	

By:	
 	

/s/ JED RICHARDSON   
	
 	

 
	

Title:	
 	

Director
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	SOCIÉTÉ GÉNÉRALE
 [Name of Lender]	 	 
	

By:	
 	

/s/ CARINA T. HUYNH   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	FIRST UNION NATIONAL BANK
 [Name of Lender]	 	 
	

By:	
 	

/s/ MARK B. FELKER   
	
 	

 
	

Title:	
 	

Senior Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	WELLS FARGO BANK, NATIONAL ASSOCIATION
 [Name of Lender]	 	 
	

By:	
 	

/s/ BRAD PETERSON   
	
 	

 
	

Title:	
 	

Senior Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	THE BANK OF NEW YORK
 [Name of Lender]	 	 
	

By:	
 	

/s/ MEHRASA RAYGANI   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

 
 

[Exhibit A to Amendment]    
    
    CONSENT OF LENDER    
  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of
August 28, 2000, the "Credit Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as
Administrative Agent. Capitalized terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	COMMERZBANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
 [Name of Lender]	 	 
	

By:	
 	

/s/ CHRISTIAN JAGENBERG   
	
 	

 
	

Title:	
 	

SVP and Manager
	
 	

 
	

By:	
 	

/s/ WERNER SCHMIDBAUER   
	
 	

 
	

Title:	
 	

SVP
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
 [Name of Lender]	 	 
	

By:	
 	

/s/ DEBORAH CARLSON   
	
 	

 
	

Title:	
 	

Director
	
 	

 
	

By:	
 	

/s/ STEPHEN A. KOVACH   
	
 	

 
	

Title:	
 	

Associate
	
 	

 

 
 

[Exhibit A to Amendment]    
    
    CONSENT OF LENDER    
  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the
form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by the parties thereto. 

	THE FUJI BANK, LIMITED
 [Name of Lender]	 	 
	

By:	
 	

/s/ MR. SHINZO NISHITATE   
	
 	

 
	

Title:	
 	

Director
	
 	

 

 
 

[Exhibit A to Amendment]    
    
    CONSENT OF LENDER    
  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	THE INDUSTRIAL BANK OF JAPAN, LIMITED
 [Name of Lender]	 	 
	

By:	
 	

/s/ STEVEN SAVOLDELLI   
	
 	

 
	

Title:	
 	

Vice President & Manager
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	WACHOVIA BANK N.A.
 [Name of Lender]	 	 
	

By:	
 	

/s/ SHAWN JANKO   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	CREDIT LYONNAIS LOS ANGELES BRANCH
 [Name of Lender]	 	 
	

By:	
 	

/s/ DIANNE M. SCOTT   
	
 	

 
	

Title:	
 	

Senior Vice President/Manager
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of
August 28, 2000, the "Credit Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as
Administrative Agent. Capitalized terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	U.S. BANK NATIONAL ASSOCIATION
 [Name of Lender]	 	 
	

By:	
 	

/s/ SCOTT J. BELL   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	ERSTE BANK
 [Name of Lender]	 	 
	

By:	
 	

/s/ ROBERT J. WAGMAN   
	
 	

 
	

Title:	
 	

Vice President, Erste Bank New York Branch
	
 	

 
	

By:	
 	

/s/ JOHN S. RUNNION   
	
 	

 
	

Title:	
 	

Managing Director, Erste Bank New York Branch
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
 [Name of Lender]	 	 
	

By:	
 	

/s/ JAMES H. MOORE, JR.   
	
 	

 
	

Title:	
 	

Senior Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	THE TOKAI BANK, LIMITED—NEW YORK BRANCH
 [Name of Lender]	 	 
	

By:	
 	

/s/ SHINICHI NAKATANI   
	
 	

 
	

Title:	
 	

Assistant General Manager
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	TRUSTMARK NATIONAL BANK
 [Name of Lender]	 	 
	

By:	
 	

/s/ CRAIG E. SOSEBEE   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	THE PEOPLES BANK, BILOXI, MS
 [Name of Lender]	 	 
	

By:	
 	

/s/ CHEVIS C. SWETMAN   
	
 	

 
	

Title:	
 	

President and CEO
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of
August 28, 2000, the "Credit Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as
Administrative Agent. Capitalized terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	BANK OF SCOTLAND
 [Name of Lender]	 	 
	

By:	
 	

/s/ JOSEPH FRATUS   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

[Exhibit A to Amendment]  

 CONSENT OF LENDER  

    This Consent of Lender is delivered by the undersigned Lender to Bank of America, N.A., as Administrative Agent, with reference to the Five Year Credit
Agreement dated as of December 31, 1998 (as amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000, the "Credit
Agreement"), among Park Place Entertainment Corporation, the Lenders, Syndication Agent and Documentation Agents referred to therein, and Bank of America, N.A., as Administrative Agent. Capitalized
terms used herein are used with the meanings set forth for those terms in the Credit Agreement. 

    The
undersigned hereby consents to the execution and delivery of the proposed Amendment No. 3 to Five Year Credit Agreement by the Administrative Agent on behalf of the
Lenders, substantially in the form of the draft presented to the undersigned, and the execution and delivery of the proposed Joinder and Assumption Agreement attached to said Amendment No. 3 by
the parties thereto. 

	HIBERNIA NATIONAL BANK
 [Name of Lender]	 	 
	

By:	
 	

/s/ ROSS S. WALES   
	
 	

 
	

Title:	
 	

Vice President
	
 	

 

   [Exhibit B to Amendment]  

 JOINDER AND ASSUMPTION AGREEMENT  

    THIS JOINDER AND ASSUMPTION AGREEMENT (this "Agreement"), dated as of August 23, 2001 is among Park Place Entertainment Corporation (the "Borrower")
Bankers Trust Company and The Fuji Bank, Limited (the "Increasing Lenders"), and Bank of America, N.A., as the Administrative Agent, pursuant to the Five Year Credit Agreement referred to below among
the Borrower, the Lenders referred to therein and Administrative Agent. Capitalized terms used but not defined in this Agreement shall have the meanings defined for those terms in the Credit
Agreement. 

RECITALS  

    A.  Pursuant
the Five Year Credit Agreement dated as of December 31, 1998 among the Borrower, the lenders referred to therein, and the Administrative Agent (as
amended by Amendment No. 1 dated as of August 31, 1999 and Amendment No. 2 dated as of August 28, 2000 and as further amended from time to time (including by Amendment
No. 3 as hereinafter defined), the "Credit Agreement"), such lenders have heretofore provided a $2,000,000,000 senior credit facility to the Borrower. 

    B.  Pursuant
to Section 2.23 of the Credit Agreement the Borrower has requested that the aggregate amount of the Lenders' Commitments be increased from
$2,000,000,000 to $2,032,000,000. 

    C.  Concurrently
herewith, the Credit Agreement is being amended pursuant to an Amendment No. 3 thereto (the "Amendment No. 3"), and it is intended that
the transactions contemplated herein shall become effective concurrently with the effectiveness of such Amendment No. 3. 

    D.  Each
of the Increasing Lenders has agreed to assume an increased Commitment under the Credit Agreement. 

    NOW
THEREFORE, the parties hereto agrees as follows: 

AGREEMENT  

    1.  Effective Date.  Concurrently with the effectiveness of the Amendment No. 3, the assumptions
and increase in the Commitments described herein shall be effective (such date being referred to herein as the "Amendment Date"). The Administrative Agent shall provide prompt notice of the Amendment
Date to the parties hereto. 

    2.  Assumption by Increasing Lenders.  By signing this Agreement and under and pursuant to
Section 2.23 of the Credit Agreement, each of the Increasing Lenders severally agrees that, as of the Amendment Date, its Commitment shall be increased to the amount as described in a separate
writing provided to each Increasing Lender by the Administrative Agent. 

    3.  No Modifications of Credit Agreement.  Nothing contained in this Agreement shall be construed to
amend or modify the terms of the Loan Documents other than to effectuate the joinder and assumptions contemplated herein. 

    4.  Representations and Warranties of Increasing Lenders.  Each Increasing Lender hereby severally
represents and warrants as follows: 

    (a) Such
Increasing Lender has duly authorized, executed and delivered this Agreement and it is legally entitled to enter into the transactions contemplated herein. 

    (b) Such
Increasing Lender has obtained all consents, if any, which are required for the increase in its Commitment pursuant hereto, including the consent of each
Lender or other 

1

 

financial institution, if any, to which such Increasing Lender has granted a participation in its Commitment. 

    5.  Fees.  In consideration for the joinder and assumptions described herein, the Borrower shall pay to
each Increasing Lender the fees described in letter agreements between each such Lender and the Lead Arranger and advised by the Lead Arranger to the Borrower. 

    6.  Beneficiaries of this Agreement.  Each Increasing Lender hereby severally acknowledges and agrees
that the Agreement set forth herein are for the express benefit of the Borrower, the Administrative Agent and the other Lenders and their respective successors and permitted assigns. 

    7.  Governing Law.  This Agreement and the transactions contemplated hereunder shall be governed by and
construed and enforced in accordance with the laws of the State of California. 

    IN
WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first above written. 

	 	 	"Increasing Lenders"
	

 	
 	

BANKERS TRUST COMPANY
	

 	
 	

By:	
 	

/s/ STEVEN P. LAPHAM   

	

 	
 	

Name:	
 	

Steven P. Lapham

	

 	
 	

Title:	
 	

Director

	

 	
 	

THE FUJI BANK, LIMITED
	

 	
 	

By:	
 	

/s/ SHINZO NISHITATE   

	

 	
 	

Name:	
 	

Mr. Shinzo Nishitate

	

 	
 	

Title:	
 	

Senior Vice President

2

 

	

ACKNOWLEDGED AND AGREED TO:	
 	

 
	

BANK OF AMERICA, N.A.,

as Administrative Agent	
 	

 
	

By:	
 	

/s/ JANICE HAMMOND   
 Janice Hammond, Vice President	
 	

 
	

PARK PLACE ENTERTAINMENT CORPORATION	
 	

 
	

By:	
 	

/s/ SCOTT LAPORTA   
 Scott A. LaPorta, Executive Vice President and Chief Financial Officer	
 	

 

3

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EXHIBIT 4.1

EXECUTION

AMENDMENT NO. 3 TO FIVE YEAR CREDIT AGREEMENT

[Exhibit A to Amendment] CONSENT OF LENDER

[Exhibit A to Amendment] CONSENT OF LENDER

[Exhibit A to Amendment] CONSENT OF LENDERPrepared by MERRILL CORPORATION

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EXHIBIT 4.2    
  

    EXECUTION  

 SHORT TERM CREDIT AGREEMENT  

 dated as of  

 August 23, 2001  

 among  

 PARK PLACE ENTERTAINMENT CORPORATION  

 The Lenders, Syndication Agent and Co-Documentation Agents Referred to Herein  

 and  

 BANK OF AMERICA, N.A.

as Administrative Agent  

 BANC OF AMERICA SECURITIES LLC.

Lead Arranger and Sole Book Manager  

  

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	

ARTICLE I.	
 	

DEFINITIONS	
 	

1
	 	1.01	 	Definitions	 	1
	 	1.02	 	Accounting Terms and Determinations	 	10
	 	1.03	 	Types of Borrowings	 	10
	

ARTICLE II.	
 	

THE CREDITS	
 	

10
	 	

2.01	
 	

Commitments to Lend	
 	

10
	 	2.02	 	Notice of Committed Borrowings	 	10
	 	2.03	 	[RESERVED.]	 	11
	 	2.04	 	[RESERVED.]	 	11
	 	2.05	 	Conversion and Continuation of Committed Loans	 	11
	 	2.06	 	Notice to Lenders; Funding of Loans	 	11
	 	2.07	 	Notes	 	12
	 	2.08	 	Interest Rates	 	12
	 	2.09	 	Upfront Fees	 	13
	 	2.10	 	Facility Fees	 	13
	 	2.11	 	[RESERVED.]	 	13
	 	2.12	 	Optional Termination or Reduction of Commitments by the Borrower	 	13
	 	2.13	 	Optional Termination of Commitments by the Lenders	 	13
	 	2.14	 	Scheduled Termination of Commitments	 	14
	 	2.15	 	Extensions of the Termination Date	 	14
	 	2.16	 	Optional Prepayments	 	14
	 	2.17	 	General Provisions as to Payments	 	15
	 	2.18	 	Funding Losses	 	15
	 	2.19	 	Computation of Interest and Fees	 	15
	 	2.20	 	Withholding Tax Exemption	 	15
	 	2.21	 	[RESERVED.]	 	16
	 	2.22	 	Regulation D Compensation	 	16
	 	2.23	 	Increased Commitments; Additional Lenders	 	16
	

ARTICLE III.	
 	

CONDITIONS	
 	

17
	 	

3.01	
 	

Borrowings	
 	

17
	 	3.02	 	Effectiveness	 	17
	

ARTICLE IV.	
 	

REPRESENTATIONS AND WARRANTIES	
 	

18
	 	

4.01	
 	

Corporate Existence and Power	
 	

18
	 	4.02	 	Corporate and Governmental Authorization; Contravention	 	18
	 	4.03	 	Binding Effect	 	18
	 	4.04	 	Financial Information	 	18
	 	4.05	 	Litigation	 	18
	 	4.06	 	Compliance with ERISA	 	18
	 	4.07	 	Taxes	 	19
	 	4.08	 	Significant Subsidiaries	 	19
	 	4.09	 	Not an Investment Company	 	19
	 	4.10	 	Environmental Matters	 	19
	 	4.11	 	Full Disclosure	 	19
	 	4.12	 	Solvency	 	19

i

 

	 	4.13	 	Gaming Laws	 	19
	

ARTICLE V.	
 	

COVENANTS	
 	

20
	 	

5.01	
 	

Information	
 	

20
	 	5.02	 	Maintenance of Property; Insurance	 	21
	 	5.03	 	Conduct of Business and Maintenance of Existence	 	21
	 	5.04	 	Compliance with Laws	 	22
	 	5.05	 	Inspection of Property, Books and Records	 	22
	 	5.06	 	Negative Pledge	 	22
	 	5.07	 	Consolidations, Mergers and Sales of Assets	 	23
	 	5.08	 	Hostile Tender Offers	 	23
	 	5.09	 	Use of Proceeds	 	23
	 	5.10	 	Leverage Ratio	 	23
	 	5.11	 	Interest Coverage Ratio	 	23
	

ARTICLE VI.	
 	

DEFAULTS	
 	

24
	 	

6.01	
 	

Events of Default	
 	

24
	 	6.02	 	Notice of Default	 	25
	

ARTICLE VII.	
 	

THE AGENTS	
 	

25
	 	

7.01	
 	

Appointment and Authorization	
 	

25
	 	7.02	 	Agents and Affiliates	 	25
	 	7.03	 	Action by Agents	 	26
	 	7.04	 	Consultation with Experts	 	26
	 	7.05	 	Liability of Agent	 	26
	 	7.06	 	Indemnification	 	26
	 	7.07	 	Credit Decision	 	26
	 	7.08	 	Successor Agent	 	26
	 	7.09	 	Agents' Fees	 	27
	

ARTICLE VIII.	
 	

CHANGE IN CIRCUMSTANCES	
 	

27
	 	

8.01	
 	

Basis for Determining Interest Rate Inadequate or Unfair	
 	

27
	 	8.02	 	Illegality	 	27
	 	8.03	 	Increased Cost and Reduced Return	 	28
	 	8.04	 	Base Rate Loans Substituted for Affected Fixed Rate Loans	 	29
	

ARTICLE IX.	
 	

MISCELLANEOUS	
 	

29
	 	

9.01	
 	

Notices	
 	

29
	 	9.02	 	No Waivers	 	29
	 	9.03	 	Expenses; Documentary Taxes; Indemnification	 	29
	 	9.04	 	Amendments and Waivers	 	30
	 	9.05	 	Successors and Assigns	 	30
	 	9.06	 	Collateral	 	33
	 	9.07	 	California Law; Submission to Jurisdiction	 	33
	 	9.08	 	Counterparts; Integration	 	33
	 	9.09	 	Several Obligations	 	33
	 	9.10	 	Sharing of Set-Offs	 	33
	 	9.11	 	WAIVER OF JURY TRIAL	 	34
	 	9.12	 	Confidentiality	 	34

ii

 

	
Schedules:	
 	

 	
 	

 
	

Schedule 1	
 	

—	
 	

Pricing Schedule
	
Exhibits:	
 	

 	
 	

 
	

Exhibit A	
 	

—	
 	

Compliance Certificate
	Exhibit B	 	—	 	Form of Note
	Exhibit C	 	—	 	Pricing Certificate
	Exhibit D	 	—	 	Form of Notice of Committed Borrowing
	Exhibit E	 	—	 	Extension Agreement
	Exhibit F	 	—	 	Opinion of Gibson, Dunn & Crutcher, LLP
	Exhibit G	 	—	 	Assignment and Assumption Agreement

iii

  

 
 

SHORT TERM CREDIT AGREEMENT    
  

    SHORT TERM CREDIT AGREEMENT dated as of August 23, 2001, among PARK PLACE ENTERTAINMENT CORPORATION, the Lenders listed on the signature pages hereto,
THE BANK OF NOVA SCOTIA, as Syndication Agent, BANKERS TRUST COMPANY, SOCIÉTÉ GÉNÉRALE and CREDIT SUISSE FIRST BOSTON as
Co-Documentation Agents and BANK OF AMERICA, N.A., as Administrative Agent. 

    The
parties hereto agree as follows: 

 
 

ARTICLE I.    
    
    DEFINITIONS    
  

    1.01  Definitions.  The following terms, as used herein, have the following meanings: 

    "Administrative
Agent" means Bank of America, N.A. in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity. 

    "Administrative
Questionnaire" means, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent (with a copy to the Borrower) duly completed by such Lender. 

    "Affiliate"
means, as to any Person, any other Person which directly or indirectly controls, or is under common control with, or is controlled by, such Person. As used in this
definition, "control" (and the correlative terms, "controlled by" and "under common control with") shall mean possession, directly or indirectly, of power to direct or cause the direction of
management or policies (whether through
ownership of securities or partnership or other ownership interests, by contract or otherwise); provided that, in any event, any Person that owns,
directly or indirectly, 5% or more of the securities having ordinary voting power for the election of directors or other governing body of a corporation that has more than 100 record holders of such
securities, or 5% or more of the partnership or other ownership interests of any other Person that has more than 100 record holders of such interests, will be deemed to control such corporation or
other Person. 

    "Agents"
mean, collectively, the Administrative Agent, the Syndication Agent and the Co-Documentation Agents, and "Agent" means any of them. 

    "Applicable
Lending Office" means, with respect to any Lender, (i) in the case of its Base Rate Loans, its Domestic Lending Office, and (ii) in the case of its
Euro-Dollar Loans, its Euro-Dollar Lending Office. 

    "Authorized
Officer" means any of the controller, the treasurer or the chief financial officer of the Borrower. 

    "Bank
of America" means Bank of America, N.A., its successors and assigns. 

    "Base
Rate" means, as of any date of determination, the rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the higher of  (a) the Reference Rate in effect on such date
(calculated on the basis of a year of 365 or 366 days and the actual number of days elapsed) and (b) the
Federal Funds Rate in effect on such date (calculated on the basis of a year of 360 days and the actual number of days elapsed) plus  1/2 of 1% (50 basis points).

    "Base
Rate Loan" means a Committed Loan made or to be made by a Lender as a Base Rate Loan in accordance with the applicable Notice of Committed Borrowing or pursuant to
Article VIII. 

    "Base
Rate Margin" has the meaning set forth on Schedule 1. 

1

 

    "Benefit Arrangement" means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained
or otherwise contributed to by any member of the ERISA Group. 

    "Borrower"
means Park Place Entertainment Corporation, a Delaware corporation, and its successors. 

    "Borrowing"
means the aggregation of Loans of one or more Lenders to be made to the Borrower pursuant to Article II on a single date and, in the case of Borrowings consisting
of Euro-Dollar Loans, for a single Interest Period. 

    "Change
of Control" means the occurrence of a Rating Decline in connection with any of the following events: (i) upon any merger or consolidation of the Borrower with or into
any person or any sale, transfer or other conveyance, whether direct or indirect, of all or substantially all of the assets of the Borrower, on a consolidated basis, in one transaction or a series of
related transactions, if, immediately after giving effect to such transaction, any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as
amended) is or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of securities representing a
majority of the total voting power of the aggregate outstanding securities of the transferee or surviving entity normally entitled to vote in the election of directors, managers, or trustees, as
applicable, of the transferee or surviving entity, (ii) when any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended) is
or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated by The Securities and Exchange Commission under said Act) of securities representing a majority of
total voting power of the aggregate outstanding securities of the Borrower normally entitled to vote in the election of directors of the Borrower, (iii) when, during any period of 12
consecutive calendar months, individuals who were directors of the Borrower on the first day of such period (together with any new directors whose election by the board of directors of the Borrower or
whose nomination for election by the stockholders of the Borrower was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period
or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors of the Borrower, or (iv) the sale or
disposition, whether directly or indirectly, by the Borrower of all or substantially all of its assets. 

    "Co-Documentation
Agents" mean, Bankers Trust Company, Société Générale and Credit Suisse First Boston, each in
its capacity as documentation agent for the Lenders hereunder. The capacity of the Co-Documentation Agents is titular in nature, and the Co-Documentation Agents shall have no
obligations or liabilities under the Loan Documents by reason of acting in such capacity. 

    "Commitment"
means, as to each Lender, the commitment of that Lender to make Loans in each case as such amount may be reduced from time to time pursuant to Section 2.12, 2.13
or 2.14, or increased pursuant to Section 2.23. The aggregate amount of the Commitments under this Agreement as of the Effective Date is $1,500,000,000. As of the Effective Date, each Lender
has made a Commitment which is equal to the amount of the Note issued to that Lender on the Effective Date. 

    "Committed
Loan" means a loan made or to be made by a Lender pursuant to Section 2.01. 

    "Compliance
Certificate" means a certificate, substantially in the form of Exhibit A, properly completed and signed by an Authorized Officer. 

    "Consolidated
Debt" means at any date the Debt of the Borrower and its Consolidated Subsidiaries, determined on a consolidated basis as of such date, provided  that Consolidated Debt shall exclude any Debt of the
Borrower or a Subsidiary as to which cash and cash equivalents sufficient to provide for payment in full of such Debt at
its scheduled maturity or at an earlier date at which it shall have been or may be called for redemption shall have been irrevocably deposited in trust for the 

2

 

benefit of the holders of such Debt or a representative of such holders, which deposit shall have resulted in the legal or in-substance defeasance thereof. 

    "Consolidated
EBITDA" means, for any period, Consolidated Net Income for such period before (i) income taxes, (ii) interest expense, (iii) depreciation and
amortization, (iv) minority interest, (v) extraordinary losses or gains, (vi) Pre-Opening Expenses,and
(vii) nonrecurring non-cash charges, provided that, in calculating "Consolidated EBITDA": 

	(a)
	the
operating results of each New Project which commences operations and records not less than one full fiscal quarter's operations during the relevant period shall be annualized;
and

	(b)
	Consolidated
EBITDA shall be adjusted, on a pro forma basis, to include the operating results of each resort or casino property acquired by the Borrower and its Consolidated
Subsidiaries during the relevant period and to exclude the operating results of each resort or casino property sold or otherwise disposed of by the Borrower and its Subsidiaries, or whose operations
are discontinued during the relevant period. 

    "Consolidated
Interest Expense" means, for any period, net interest expense of the Borrower and its Consolidated Subsidiaries for such period, determined in accordance with generally
accepted accounting principles, provided that in calculating "Consolidated Interest Expense" for any period, the interest expenses of the Borrower and
its Consolidated Subsidiaries shall be adjusted for any acquisition or disposition of any resort or casino property acquired or sold or otherwise disposed of by the Borrower and its Subsidiaries
during the relevant period, on a pro forma basis, utilizing a reasonable methodology which shall be (i) proposed by the Borrower, (ii) consented to by the Administrative Agent at the
time of such calculation, which consent shall not be unreasonably withheld, and (iii) not objected to in writing by the Required Lenders within the ten Domestic Business Days following notice
of such methodology. 

    "Consolidated
Net Income" means, for any period, the consolidated net income of the Borrower and its Consolidated Subsidiaries for such period. 

    "Consolidated
Net Tangible Assets" means the total amount of assets of the Borrower and its Consolidated Subsidiaries, after deducting therefrom (a) all current liabilities of
the Borrower and its Consolidated Subsidiaries (excluding (i) the current portion of long term indebtedness, (ii) inter-company liabilities, and (iii) any liabilities which are by
their terms renewable or extendable at the option of the obligor thereon to a time more than twelve months from the time as of which the amount thereof is being computed), and (b) all goodwill,
trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, all as set forth on the latest consolidated balance sheet of the Borrower prepared in accordance
with generally accepted accounting principles. 

    "Consolidated
Subsidiary" means at any date any Subsidiary or other entity the accounts of which would be consolidated with those of the Borrower in its consolidated financial
statements as of such date. 

    "Covered
Subsidiary" means at any time any Subsidiary of the Borrower that has consolidated assets in an amount greater than $5,000,000. 

    "Debt"
of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in
the ordinary course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with generally accepted accounting principles, (v) all indebtedness or
other obligations secured by a contractual Lien on any asset of such Person, whether or not such indebtedness or other obligations are otherwise an obligation of such 

3

 

Person, and (vi) all Guarantees made by such Person (including by way of provision of letters of credit or other contingent obligations) with respect to indebtedness or other obligations of any
other Person which constitute "Debt" of a type or class described in clauses (i) through (v) of this definition. 

    "Default"
means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event
of Default. 

    "Dollars"
and the sign "$" mean lawful money of the United States. 

    "Domestic
Business Day" means any day except a Saturday, Sunday or other day on which commercial banks in New York City or Los Angeles are authorized or required by law to
close. 

    "Domestic
Lending Office" means, as to each Lender, its office located at its address set forth in its Administrative Questionnaire (or identified in its Administrative Questionnaire
as its Domestic Lending Office) or such other office as such Lender may hereafter designate as its Domestic Lending Office by notice to the Borrower and the Administrative Agent. 

    "Effective
Date" means the date this Agreement becomes effective in accordance with Section 3.02. 

    "Eligible
Assignee" means (a) another Lender, (b) with respect to any Lender, any Affiliate of that Lender, (c) any commercial bank having a combined capital and
surplus of $500,000,000 or more, (d) any (i) savings bank, savings and loan association or similar financial institution or (ii) insurance company engaged in the business of
writing insurance which, in either case (A) has a net worth of $500,000,000 or more, (B) is engaged in the business of lending money and extending credit under credit facilities
substantially similar to those extended under this Agreement and (C) is operationally and procedurally able to meet the obligations of a Lender hereunder to the same degree as a commercial bank
and (e) any other financial institution (including a mutual fund or other fund) having total assets of $250,000,000 or more which meets the
requirements set forth in subclauses (B) and (C) of clause (d) above; provided that each Eligible Assignee must either
(a) be organized under the laws of the United States of America, any State thereof or the District of Columbia or (b) be organized under the laws of the Cayman Islands or any country
which is a member of the Organization for Economic Cooperation and Development, or a political subdivision of such a country, and (i) act hereunder through a branch, agency or funding office
located in the United States of America and (ii) is otherwise exempt from withholding of tax on interest and delivers Form W-8 ECI pursuant to Section 2.20 at the time
of any assignment pursuant to Section 9.05. 

    "Environmental
Laws" means any and all statutes, regulations, permits, licenses or other governmental restrictions relating to the environment or to releases of petroleum or petroleum
products, chemicals or toxic or hazardous substances or wastes into the environment. 

    "ERISA"
means the Employee Retirement Income Security Act of 1974, as amended, or any successor statute. 

    "ERISA
Group" means the Borrower, any Subsidiary and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control
which, together with the Borrower or any Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 

    "Euro-Dollar
Business Day" means any Domestic Business Day on which commercial banks are open for international business (including dealings in Dollar deposits) in London. 

    "Euro-Dollar
Lending office" means, as to each Lender, its office, branch or affiliate located at its address set forth in its Administrative Questionnaire (or identified
in its Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or affiliate of such Lender as it may 

4

 

hereafter designate as its Euro-Dollar Lending Office by notice to the Borrower and the Administrative Agent. 

    "Euro-Dollar
Loan" means a Committed Loan made or to be made by a Lender as a Euro-Dollar Loan in accordance with the applicable Notice of Committed Borrowing. 

    "Euro-Dollar
Margin" has the meaning set forth on Schedule 1. 

    "Euro-Dollar
Reserve Percentage" means for any day that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Board of Governors of the
Federal Reserve System (or any successor) for determining the maximum reserve requirement for a member bank of the Federal Reserve System with deposits exceeding five billion Dollars in respect of
"eurocurrency liabilities" (or in respect of any other category of liabilities which includes deposits by reference to which the interest rate on Euro-Dollar Loans is determined or any
category of extensions of credit or other assets which includes loans by a non-United States office of any bank to United States residents). 

    "Event
of Default" has the meaning set forth in Section 6.01. 

    "Existing
Short Term Credit Agreement" means the Short Term Credit Agreement dated as of August 28, 2000, in each case among the Borrower, the lenders therein named and the
Administrative Agent, as amended. 

    "Facility
Fee Rate" has the meaning set forth in Section 2.10. 

    "Federal
Funds Rate" means, for any day, the rate per annum (rounded upward, if necessary, to the nearest 1/100th of l%) equal to the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Domestic Business Day
next succeeding such day, provided that (i) if such day is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on
such transactions on the next preceding Domestic Business Day as so published on the next succeeding Domestic Business Day, and (ii) if no such rate is so published on such next succeeding
Domestic Business Day, the Federal Funds Rate for such day shall be the average rate quoted to The Bank of New York on such day on such transactions as determined by the Administrative Agent. 

    "Fixed
Rate Loans" means Euro-Dollar Loans. 

    "Gaming
Board" means, collectively, (a) the Nevada Gaming Commission, (b) the Nevada State Gaming Control Board, (c) the New Jersey Casino Control
Commission, (d) the New Jersey Division of Gaming Enforcement, (e) the Mississippi Gaming Commission, and (f) any other Governmental Agency that holds regulatory, licensing
or permit authority over gambling, gaming or casino activities conducted by the Borrower or its Subsidiaries within its jurisdiction. 

    "Gaming
Laws" means all laws pursuant to which any Gaming Board possesses regulatory, licensing or permit authority over gambling, gaming or casino activities conducted by the
Borrower or its Subsidiaries within its jurisdiction. 

    "Governmental
Agency" means (a) any international, foreign, federal, state, county or municipal government, or political subdivision thereof, (b) any governmental or
quasi-governmental agency, authority, board, bureau, commission, department, instrumentality or public body (including any Gaming Board) or (c) any court or administrative tribunal of competent
jurisdiction. 

    "Granting
Lender" has the meaning set forth in Section 9.05(f). 

    "Guarantee"
by any Person means any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt of any other Person and, without limiting the
generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or 

5

 

pay (or advance or supply funds for the purchase or payment of) such Debt (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (ii) entered into for the
purpose of assuring in any other manner the holder of such Debt of the payment thereof or to protect such holder against loss in respect thereof (in whole or in part), including by way of provision of
letters of credit or other contingent obligations with respect thereto, provided that the term Guarantee shall not include (x) endorsements for
collection or deposit in the ordinary course of business or (y) performance or completion guarantees. The term "Guarantee" used as a verb has a corresponding meaning. 

    "Increased
Commitment" has the meaning set forth in Section 2.23. 

    "Indemnitee"
has the meaning set forth in Section 9.03(b). 

    "Interest
Coverage Ratio" means, as of each date of determination, the ratio of (a) Consolidated EBITDA for the four fiscal quarters ending on that date, to
(b) Consolidated Interest Expense for the same period. 

    "Interest
Period" means, with respect to each Euro-Dollar Borrowing, the period commencing on the date of such Borrowing and ending one week or 1, 2, 3 or 6 months
thereafter, as the Borrower may elect in the applicable Notice of Committed Borrowing or Notice of Conversion/Continuation; provided that: 

	(a)
	any
Interest Period which would otherwise end on a day which is not a Euro-Dollar Business Day shall be extended to the next succeeding Euro-Dollar Business
Day unless such Euro-Dollar Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Euro-Dollar Business Day;

	(b)
	any
Interest Period which begins on the last Euro-Dollar Business Day in a calendar month (or on a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall, subject to clause (a)(iii) below, end on the last Euro-Dollar Business Day in the calendar month which is the last
calendar month which commences in such Interest Period; and

	(c)
	any
Interest Period which would otherwise end after the Termination Date shall end on the Termination Date, or, if such date is not a Euro-Dollar Business Day, then on
the next preceding Euro-Dollar Business Day. 

    "Internal
Revenue Code" means the Internal Revenue Code of 1986, as amended, or any successor statute. 

    "Investment
Grade" means (i) with respect to S&P, a rating of BBB- or higher, and (ii) with respect to Moody's, a rating of Baa3 or higher. 

    "Lead
Arranger and Sole Book Manager" means Banc of America Securities LLC. Following the date of this Agreement, the Lead Arranger and Sole Book Manager shall have no obligations or
liabilities under the Loan Documents. 

    "Lender"
means each lender listed on the signature pages hereof and each Lender which accepts an assignment pursuant to Section 9.05, and their respective successors. 

    "Leverage
Ratio" means, as of any date of determination, the ratio of (a) Consolidated Debt on such date to (b) Consolidated EBITDA for the period of four consecutive
fiscal quarters ending on such date. 

    "License
Revocation" means the revocation, failure to renew or suspension of, or the appointment of a receiver, supervisor or similar official with respect to, any casino, gambling or
gaming license 

6

 

issued by any Gaming Board covering any casino or gaming facility of the Borrower and its Subsidiaries. 

    "Lien"
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. For the purposes of this Agreement,
the Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement,
capital lease or other title retention agreement relating to such asset. 

    "Loan"
means a Base Rate Loan or a Euro-Dollar Loan and "Loans" means Base Rate Loans or Euro-Dollar Loans or any combination of the foregoing. 

    "Loan
Documents" means this Agreement, the Notes and each other instrument, document or agreement now or hereafter executed by the parties in furtherance of this Agreement. 

    "London
Interbank Offered Rate" means, as to the Interest Period applicable to each Euro-Dollar Loan, the average (rounded upward, if necessary, to the next higher
1/16 of 1%) of the respective rates per annum at which deposits in Dollars are offered to the Administrative Agent in the London interbank market at approximately 11:00 A.M.
(London time) two Euro-Dollar Business Days before the first day of such Interest Period in an amount approximately equal to the principal amount of the Euro-Dollar Loan of the
Administrative Agent to which such Interest Period is to apply and for a period of time comparable to such Interest Period. 

    "Margin
Adjustment" has the meaning set forth in the Schedule 1. 

    "Material
Plan" means at any time a Plan or Plans having aggregate Unfunded Liabilities in excess of $25,000,000. 

    "Moody's"
means Moody's Investors Service, Inc., and its successors. 

    "Multiemployer
Plan" means at any time an employee pension benefit plan within the meaning of Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making
or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the ERISA Group
during such five year period. 

    "New
Project" means each new hotel-casino, casino or resort project (as opposed to any project which consists of an extension or redevelopment of an operating hotel, casino or resort)
having a development and construction budget in excess of $25,000,000 which hereafter receives a certificate of completion or occupancy and all relevant gaming and other licenses, and in fact
commences operations. 

    "Non-Recourse
Debt" means Debt in respect of which the recourse of the holder of such Debt is limited to the assets securing such Debt and such Debt does not constitute
the general obligation of the Borrower or any Subsidiary. 

    "Notes"
means promissory notes of the Borrower, substantially in the form of Exhibit B hereto, evidencing the obligation of the Borrower to repay the Loans, and "Note" means
any one of such promissory notes issued hereunder. 

    "Notice
of Borrowing" means a Notice of Committed Borrowing (as defined in Section 2.02). 

    "Notice
of Committed Borrowing" has the meaning set forth in Section 2.02. 

    "Notice
of Conversion\Continuation" has the meaning set forth in Section 2.05. 

    "Other
Commitments" means the lending commitments under the Other Credit Agreement. 

    "Other
Credit Agreement" means the Five Year Credit Agreement dated as of December 31, 1998 among the Borrower, the lenders therein named and Bank of America, N.A., as
Administrative Agent, 

7

 

as amended by Amendment No. 1 dated as of August 31, 1999, an Amendment No. 2 dated as of August 28, 2000 and by an Amendment No. 3 dated as of August 23,
2001, and as at any time further amended or, following the termination of the Five Year Credit, and at such times as loans are available thereunder, the Multi-Year Credit Agreement dated
as of August 23, 2001 among the Borrower, the lenders referred to therein, and Bank of America, N.A., as at any time amended. 

    "Parent"
means, with respect to any Lender, any Person controlling such Lender. 

    "PBGC"
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA. 

    "Person"
means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government or political subdivision or an agency
or instrumentality thereof. 

    "Plan"
means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was
at such time a member of the ERISA Group. 

    "Pre-Opening
Expenses" means, with respect to any fiscal period, the amount of expenses (other than Consolidated Interest
Expense) incurred with respect to capital projects which are classified as
"pre-opening expenses" on the applicable financial statements of the Borrower and its Subsidiaries for such period prepared in accordance with generally accepted accounting principles. 

    "Pricing
Certificate" means a Pricing Certificate substantially in the form of Exhibit C hereto, properly completed and signed by an Authorized Officer of the Borrower. 

    "Pricing
Period" means (a) the period beginning on the Effective Date and ending on August 31, 2001, and (b) each period of three months beginning on the first
day of each March, June, September and December and ending on the last day of the succeeding May, August, November and February. 

    "Public
Notice" means, without limitation, any filing or report made in accordance with the requirements of the Securities and Exchange Commission (or any successor), any press
release or public announcement made by the Borrower or any written notice the Borrower gives to the Administrative Agent or the Lenders. 

    "Rating
Agencies" means S&P and Moody's. 

    "Rating
Decline" means the occurrence on any date on or within 90 days after the date of the first Public Notice of (i) the occurrence of an event described in clauses
(i)-(iv) of the definition of "Change of Control" or (ii) the intention by the Borrower to effect such an event (which 90-day period shall be extended so long as the rating
of the senior debt of the Borrower is under publicly announced consideration for possible downgrade by any of the Rating Agencies) of a decrease in the rating of the senior debt of the Borrower by any
of the Rating Agencies to below Investment Grade. 

    "Reference
Rate" means the rate of interest publicly announced from time to time by Bank of America as its "prime rate" or the similar prime rate or reference rate announced by any
successor Administrative Agent. Bank of America's prime rate is a rate set by Bank of America based upon various factors including Bank of America's costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in the Reference Rate announced by Bank
of America or 

8

 

any successor Administrative Agent shall take effect at the opening of business on the day specified in the public announcement of such change. 

    "Regulation U"
means Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time. 

    "Required
Lenders" means at any time Lenders having at least 51% of the aggregate amount of the Commitments or, if the Commitments shall have been terminated, holding at least 51% of
the sum of the aggregate unpaid principal amount of the Loans. 

    "Revolving
Credit Period" means the period from and including the Effective Date to but not including the Termination Date. 

    "S&P"
means Standard & Poor's, a division of The McGraw Hill Companies, and its successors. 

    "Significant
Subsidiary" means each Subsidiary of the Borrower at any time having (i) at least 10% of the total consolidated assets of the Borrower and its Subsidiaries
(determined as of the last day of the most recent fiscal quarter of the Borrower) or (ii) at least 10% of the consolidated revenues of the Borrower and its Subsidiaries for the fiscal year of
the Borrower then most recently ended. 

    "Solvent"
as to any Person shall mean that (a) the sum of the assets of such Person, both at a fair valuation and at present fair saleable value, exceeds its liabilities,
including its probable liability in respect of contingent liabilities, (b) such Person will have sufficient capital with which to conduct its business as presently conducted and as proposed to
be conducted and (c) such Person has not incurred debts, and does not intend to incur debts, beyond its ability to pay such debts as they mature. For purposes of this definition, "debt" means
any liability on a claim, and "claim" means (x) a right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed,
undisputed, legal, equitable, secured, or unsecured, or (y) a right to an equitable remedy for breach of performance if such breach gives rise to a payment, whether or not such right to an
equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. With respect to any such contingent liabilities, such liabilities shall be
computed at the amount which, in light of all the facts and circumstances existing at the time, represents the amount which can reasonably be expected to become an actual or matured liability. 

    "SPC"
has the meaning set forth in Section 9.05(f). 

    "Subsidiary"
means any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly owned by the Borrower. 

    "Syndication
Agent" means The Bank of Nova Scotia, in its capacity as syndication agent for the Lenders hereunder. The capacity of the Syndication Agent is titular in nature, and the
Syndication Agent shall have no obligations or liabilities under the Loan Documents by reason of acting in such capacity. 

    "Termination
Date" means August 22, 2002 or such later date to which the Revolving Credit Period shall have been extended pursuant to Section 2.15, or, if such day is
not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day. 

    "Unfunded
Liabilities" means, with respect to any Plan at any time, the amount (if any) by which (i) the value of all benefit liabilities under such Plan, determined on a plan
termination basis using the assumptions prescribed by the PBGC for purposes of Section 4044 of ERISA, exceeds (ii) the fair market value of all Plan assets allocable to such liabilities
under Title IV of ERISA (excluding any accrued but unpaid contributions), all determined as of the then most recent valuation date for such 

9

 

Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 

    1.02  Accounting Terms and Determinations.  Unless otherwise specified herein, all accounting terms used
herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with generally
accepted accounting principles as in effect from time to time, applied on a basis consistent (except for changes concurred in by the Borrower's independent public accountants and disclosed in such
financial statements) with the most recent audited consolidated financial statements of the Borrower and its Consolidated Subsidiaries delivered to the Lenders; provided  that, if the Borrower notifies
the Administrative Agent that the Borrower wishes to amend any covenant in Article V to eliminate the effect of any change in generally
accepted accounting principles on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend Article V for such purpose), then
the Borrower's compliance with such covenant shall be determined on the basis of generally accepted accounting principles in effect immediately before the relevant change in generally accepted
accounting principles became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. 

    1.03  Types of Borrowings.  Borrowings are classified for purposes of this Agreement either by reference
to the pricing of Loans comprising such Borrowing (e.g., a "Euro-Dollar Borrowing" is a Borrowing comprised of Euro-Dollar
Loans) or by reference to the provisions of Article II under which participation therein is determined (i.e., a "Committed Borrowing" is a
Borrowing under Section 2.01 in which all Lenders participate in proportion to their commitments). 

 
 

ARTICLE II.    
  

 
  THE CREDITS    
  

    2.01  Commitments to Lend.  During the Revolving Credit Period each Lender severally agrees, on the terms
and conditions set forth in this Agreement, to lend to the Borrower pursuant to this Section from time to time amounts such that (a) the aggregate principal of Committed Loans by such Lender at
any one time outstanding shall not exceed the amount of its Commitment, and (b) the aggregate principal outstanding amount of all Committed Loans shall not exceed the aggregate Commitments.
Each Borrowing under this Section shall be in an aggregate principal amount of $10,000,000 or any larger multiple of $1,000,000; and each Committed Borrowing shall be made from the several Lenders
ratably in proportion to their respective Commitments. Within the foregoing limits, the Borrower may borrow under this Section, repay, or to the extent permitted by Section 2.16, prepay Loans
and reborrow at any time on or prior to the Termination Date under this Section. The Committed Loans shall mature, and the principal amount thereof shall be due and payable, on the Termination Date. 

    2.02  Notice of Committed Borrowings.  The Borrower shall give the Administrative Agent notice (a "Notice
of Committed Borrowing"), substantially in the form of Exhibit D hereto, not later than 8:30 A.M. (California local time) on (y) the date of each Base Rate Borrowing and
(z) the third Euro-Dollar Business Day before each Euro-Dollar Borrowing, specifying: 

    (a) the
date of such Borrowing, which shall be a Domestic Business Day in the case of a Base Rate Borrowing or a Euro-Dollar Business Day in the case of a
Euro-Dollar Borrowing; 

    (b) the
aggregate amount of such Borrowing; 

    (c) whether
the Loans comprising such Borrowing are to be Base Rate Loans or Euro-Dollar Loans; and 

10

  

    (d) in
the case of a Euro-Dollar Borrowing, the duration of the Interest Period applicable thereto, subject to the provisions of the definition of Interest
Period. 

Not
more than twelve Committed Borrowings which are Euro-Dollar Borrowings having different Interest Periods shall be outstanding at any time. 

    2.03  [RESERVED.]  

    2.04  [RESERVED.]  

    2.05  Conversion and Continuation of Committed Loans.  Subject to the provisions of this
Article II governing the making of Euro-Dollar Loans, the Borrower shall have the option at any time (i) to convert all or any part of its outstanding Committed Loans equal
to $10,000,000 and integral multiples of $1,000,000 in excess of that amount from Loans bearing interest at a rate determined by reference to one basis to Committed Loans bearing interest at a rate
determined by reference to an alternative basis or (ii) upon the expiration of any Interest Period applicable to a Euro-Dollar Loan, to continue all or any portion of such Loan
equal to $1,000,000 and integral multiples of $100,000 in excess of that amount as a Euro-Dollar Loan; provided, however, that a
Euro-Dollar Loan may only be converted into a Base Rate Loan on the expiration date of an Interest Period applicable thereto. 

    The
Borrower shall deliver, to the Administrative Agent, notice of any such conversion or continuation, substantially in the form of Exhibit D (each a "Notice of
Conversion/Continuation"), no later than 8:30 A.M. (California local time) at least one Domestic Business Day in advance of the proposed conversion date (in the case of a conversion to a Base
Rate Loan) and at least three Euro-Dollar Business Days in advance of the proposed conversion/ continuation date (in the case of a conversion to, or a continuation of, a
Euro-Dollar Loan). A Notice of Conversion/Continuation shall specify (i) the proposed conversion/continuation date (which shall be a Domestic Business Day in the case of Base Rate
Loans and a Euro-Dollar Business Day, in the case of conversion to or continuation of Euro-Dollar Loans), (ii) the amount and type of the Loan to be converted/continued,
(iii) the nature of the proposed conversion/continuation, (iv) in the case of a conversion to, or a continuation of, a Euro-Dollar Loan, the requested Interest Period, and
(v) in the case of a conversion to, or a continuation of, a Euro-Dollar Loan, that no Default or Event of Default has occurred and is continuing. 

    2.06  Notice to Lenders; Funding of Loans.  

    (a) Upon
receipt of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the contents thereof and of such Lender's share (if any) of
such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower. 

    (b) Not
later than 11:00 A.M. (California local time) on the date of each Borrowing, if such Borrowing is to be made in Dollars, each Lender participating
therein shall (except as provided in subsection (c) of this Section) make available its share of such Borrowing in Dollars, in federal or other funds immediately available to the Administrative
Agent at its address referred to in Section 9.01. Unless the Administrative Agent determines that any applicable condition specified in Article III has not been satisfied, the
Administrative Agent will make the funds so received from the Lenders available to the Borrower at the Administrative Agent's aforesaid address or place. 

    (c) If
any Lender makes a new Loan hereunder on a day on which the Borrower is to repay all or any part of an outstanding Loan from such Lender, such Lender shall apply
the proceeds of its new Loan to make such repayment and only an amount equal to the difference (if any) between the amount being borrowed and the amount being repaid shall be made available by such
Lender to the Administrative Agent as provided in subsection (b), or remitted by the Borrower to the Administrative Agent as provided in Section 2.17, as the case may be. 

11

 

    (d) Unless the Administrative Agent shall have received notice from a Lender prior to the date of any Borrowing that such Lender will not make available to the
Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available to the Administrative Agent on the date of such Borrowing
in accordance with subsections (b) and (c) of this Section 2.06 and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower on such date a
corresponding amount. If and to the extent that such Lender shall not have so made such share available to the Administrative Agent, such Lender and the Borrower severally agree to repay to the
Administrative Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to the Borrower until the date such amount
is repaid to the Administrative Agent, at (i) in the case of the Borrower, a rate per annum equal to the higher of the Federal Funds Rate and the interest rate applicable thereto pursuant to
Section 2.08 and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall
constitute such Lender's Loan included in such Borrowing for purposes of this Agreement. If the Borrower pays interest under this subsection (d) at the Federal Funds Rate and the Federal Funds
Rate is higher than the interest rate applicable thereto pursuant to Section 2.08, the applicable Lender shall pay the Borrower the difference between such rates. 

    2.07  Notes.  

    (a) The
Committed Loans of each Lender shall be evidenced by a single Note payable to the order of such Lender for the account of its Applicable Lending Office in an
amount equal to such Lender's Commitment. 

    (b) [RESERVED.] 

    (c) Upon
receipt of each Lender's Note pursuant to Section 3.02(b), the Administrative Agent shall forward such Note to such Lender. Each Lender shall record the
date, amount, type and maturity of each Loan made by it and the date and amount of each payment of principal made by the Borrower with respect thereto, and may, if such Lender so elects in connection
with any transfer or enforcement of its Note, endorse on the schedule forming a part thereof appropriate notations to evidence the foregoing information with respect to each such Loan then
outstanding; provided that the failure of any Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Notes. Each Lender is hereby irrevocably authorized by the Borrower so to endorse its Note and to attach to and make a part of its Note a continuation of any such
schedule as and when required. 

    2.08  Interest Rates.  

    (a) Each
Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until it becomes due, at a rate
per annum equal to the Base Rate for such day plus any applicable Base Rate Margin. Such interest shall be payable on the last Domestic Business Day of
each calendar quarter in arrears and on the Termination Date. Any overdue principal of or interest on any Base Rate Loan shall, at the option of the Required Lenders, bear interest, payable on demand,
for each day until paid at a rate per annum equal to the sum of the Base Rate plus any applicable Base Rate Margin  plus 2% per annum. 

    (b) Each
Euro-Dollar Loan shall bear interest on the outstanding principal amount thereof, for each day during the Interest Period applicable thereto, at a
rate per annum equal to the sum of (a) the Euro-Dollar Margin for such day plus (b) the applicable London Interbank Offered Rate for such Interest Period. Such interest shall
be payable for each Interest Period on the last day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof. 

12

 

    (c) Any overdue principal of or interest on any Euro-Dollar Loan shall, at the option of the Required Lenders, bear interest, payable on demand, for each
day until paid at a rate per annum equal to the sum of 2% plus the Euro-Dollar Margin for such day plus the quotient obtained (rounded upwards, if necessary, to the next higher 1/100 of
1%) by dividing (i) the average (rounded upward, if necessary, to the next higher 1/16 of 1%) of the respective rates per annum at which one day (or, if such amount due remains
unpaid more than three Euro-Dollar Business Days, then for such period of time not longer than 6 months as the Administrative Agent may elect) deposits in Dollars in an amount
approximately equal to such overdue payment due to the Administrative Agent are offered to the Administrative Agent in the London interbank market for the applicable period determined as provided
above by (ii) 1.00 minus the Euro-Dollar Reserve Percentage (or, if the circumstances described in clause (a) or (b) of Section 8.01 shall exist, at a rate per
annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day). 

    (d) [RESERVED.] 

    (e) [RESERVED.] 

    (f)  The
Administrative Agent shall determine in accordance with the provisions of this Agreement, each interest rate applicable to the Loans hereunder. The
Administrative Agent shall give prompt notice to the Borrower and the participating Lenders of each rate of interest so determined, and its determination thereof shall be conclusive in the absence of
manifest error. 

    2.09  Upfront Fees.  On the date upon which this Agreement is executed, the Borrower shall pay to the
Administrative Agent for the account of each Lender non-refundable upfront fees in the amounts set forth in letter agreements between each Lender and the Lead Arranger and Sole Book
Manager and advised by the Lead Arranger and Sole Book Manager to the Borrower. 

    2.10  Facility Fees.  The Borrower shall pay to the Administrative Agent for the account of the Lenders
ratably facility fees at the Facility Fee Rate determined daily in accordance with the Schedule 1 (the "Facility Fee Rate"). Such facility fee shall accrue from and including the Effective Date
to but excluding the Termination Date (or earlier date of termination of the Commitments in their entirety), on the daily aggregate amount of the Commitments (whether used or unused). Facility fees
shall be payable quarterly in arrears on December 1, 2001 and on the first day of each subsequent March, June, September and December and upon the date of termination of the Commitments in
their entirety, and are non-refundable. 

    2.11  [RESERVED.]  

    2.12  Optional Termination or Reduction of Commitments by the Borrower.  During the Revolving Credit
Period, the Borrower may, upon at least five Domestic Business Days' notice to the Administrative Agent, (i) terminate the Commitments at any time, if no Loans are outstanding at such time or
(ii) ratably and permanently reduce from time to time by an aggregate amount of $25,000,000 or any larger amount in multiples of $1,000,000, the aggregate amount of the Commitments in excess of
the aggregate outstanding principal balance of the Loans. 

    2.13  Optional Termination of Commitments by the Lenders.  Following the occurrence of a Change of
Control, the Required Lenders may in their sole and absolute discretion elect, during the sixty day period immediately subsequent to the later of
(a) such occurrence and (b) the earlier of (i) receipt of the Borrower's written notice to the Administrative Agent of such
occurrence and (ii) if no such notice has been received by the Administrative Agent, the date upon which the Administrative Agent and the Lenders have actual knowledge thereof, to terminate all
of the Commitments. In any such case the Commitments shall be terminated effective on the date which is sixty days subsequent to the date of written notice from the Administrative Agent to the
Borrower thereof, and, to the extent that there is then any Debt evidenced by the Notes, the same shall be immediately due and payable. 

13

 

    2.14  Scheduled Termination of Commitments.  The Commitments shall terminate on the Termination Date and
any Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date. 

    2.15  Extensions of the Termination Date.  The Termination Date may be extended, in the manner set forth
in this Section, for a period of 364 days after the date on which the Termination Date would otherwise have occurred. If the Borrower wishes to extend the Termination Date, it shall give
written notice to that effect to the Administrative Agent not less than 90 days nor more than 150 days following the delivery to the Administrative Agent of the audited annual financial
statements of the Borrower in accordance with Section 5.01(a), whereupon the Administrative Agent shall notify each of the Lenders of such notice. Each Lender will respond to such request,
whether affirmatively or negatively, within the period which ends upon the later of (i) 30 days following the Borrower's request, or (ii) 45 days prior to the then
effective Termination Date (the "Response Date"). If a Lender or Lenders respond negatively or fail to timely respond to such request (each non-responding Lender being conclusively deemed
to refuse to consent to the extension), but such non-extending Lender(s) have Commitment(s) aggregating less than 331/3% of the aggregate amount of the Commitments, the
Borrower shall, for a period of 60 days following the Response Date, have the right, with the assistance of the Administrative Agent, to seek a mutually satisfactory substitute financial
institution or financial institutions (which may be one or more of the Lenders) to assume the Commitment(s) of such non-extending Lender(s). Not later than the third Domestic Business Day
prior to the end of such 60-day period, the Borrower shall, by notice to the Lenders through the Administrative Agent, either (i) terminate, effective on the third Domestic Business
Day after the giving of such notice, the Commitment(s) of such non-extending Lender(s), whereupon the Lenders who have consented to the extension shall continue with their Commitments
unaffected to lend subject to the terms of this Agreement to the new Termination Date, or (ii) designate one or more new financial institutions reasonably acceptable to the Administrative Agent
to assume the Commitments of such non-extending Lenders, whereupon the aggregate amount of
such Commitment(s) shall be assumed by such substitute financial institution or financial institutions within such 60-day period or (iii) withdraw its request for an extension of
the Termination Date, in which case the Commitments shall continue unaffected. The failure of the Borrower to timely take the actions contemplated by clause (i) or (ii) of the preceding
sentence shall be deemed a withdrawal of its request for an extension as contemplated by clause (iii) whether or not notice to such effect is given, and in no event shall the Termination Date
be extended unless each Lender which has not consented to the proposed extension has been either replaced or terminated as set forth above. So long as Lenders having Commitment(s) totaling not less
than 662/3% of the aggregate amount of the Commitment(s) shall have responded affirmatively to such a request, and such request is not withdrawn in accordance with the preceding
sentence, then, subject to receipt by the Administrative Agent of counterparts of an Extension Agreement in substantially the form of Exhibit E duly completed and signed by the Borrower and
each of the affirmatively responding Lenders, the Termination Date shall be extended, effective on such extension date, for a period of 364 days to the date stated in such Extension Agreement. 

    2.16  Optional Prepayments.  

    (a) Subject
in the case of any Euro-Dollar Borrowing to Section 2.18, the Borrower may, upon at least one Domestic Business Day's notice to the
Administrative Agent, prepay any Base Rate Borrowing, or upon at least three Euro-Dollar Business Days' notice to the Administrative Agent, with respect to any Euro-Dollar
Borrowing, prepay any Euro-Dollar Borrowing, in each case in whole at any time, or from time to time in part in amounts aggregating $10,000,000 or any larger multiple of $1,000,000, by
paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. Each such optional prepayment shall be applied to prepay ratably the Loans of the several
Lenders included in such Borrowing. 

    (b) [RESERVED.] 

14

 

    (c) Upon receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender of the contents thereof and of such
Lender's ratable share (if any) of such prepayment and such notice shall not thereafter be revocable by the Borrower. 

	2.17
	General
Provisions as to Payments. 

    (a) The
Borrower shall make each payment of principal of, and interest on, Loans and of fees hereunder, in Dollars not later than 11:00 A.M. (California local
time) on the date when due, in Federal or other immediately available funds, to the Administrative Agent at its address referred to in Section 9.01, without offset or counterclaim. The
Administrative Agent will promptly distribute to each
Lender its ratable share of each such payment received by the Administrative Agent for the account of the Lenders, in Dollars and in the type of funds received by the Administrative Agent. Whenever
any payment of principal of, or interest on, the Base Rate Loans or of fees shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next
succeeding Domestic Business Day. Whenever any payment of principal of, or interest on, the Euro-Dollar Loans shall be due on a day which is not a Euro-Dollar Business Day, the
date for payment thereof shall be extended to the next succeeding Euro-Dollar Business Day unless such Euro-Dollar Business Day falls in another calendar month, in which case
the date for payment thereof shall be the next preceding Euro-Dollar Business Day. If the date for any payment of principal is extended by operation of law or otherwise, interest thereon
shall be payable for such extended time. 

    (b) Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the
Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full to the Administrative Agent on such date and the Administrative Agent
may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have
so made such payment, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such
amount is distributed to such Lender until the date such Lender repays such amount to the Administrative Agent, at the Federal Funds Rate. 

    2.18  Funding Losses.  If the Borrower makes any payment of principal with respect to any Fixed Rate Loan
(pursuant to Article VI or VIII or otherwise) on any day other than the last day of the Interest Period applicable thereto, or if the Borrower fails to borrow any Fixed Rate Loans after notice
has been given to any Lender in accordance with Section 2.06(a), the Borrower shall reimburse each Lender within 15 days after demand for any resulting loss or expense incurred by it (or
by an existing or prospective participant in the related Loan), including (without limitation) any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss
of margin for the period after any such payment or failure to borrow, provided that such Lender shall have delivered to the Borrower a certificate as to the amount of such loss or expense, which
certificate shall be conclusive in the absence of manifest error. 

    2.19  Computation of Interest and Fees.  Interest based on the Reference Rate and all fees hereunder
shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All
other interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day). 

    2.20  Withholding Tax Exemption.  At least five Domestic Business Days prior to the first date on which
interest or fees are payable hereunder for the account of any Lender, each Lender that is not incorporated under the laws of the United States of America or a state thereof agrees that it will 

15

 

deliver to each of the Borrower and the Administrative Agent two duly completed copies of United States Internal Revenue Service Form W-8 ECI, certifying in either case that such
Lender is entitled to receive payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes. 

    Each
Lender which so delivers a Form W-8 ECI further undertakes to deliver to each of the Borrower and the Administrative Agent two additional copies of such form
(or a successor form) on or before the date that such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form so delivered by it, and such
amendments thereto or extensions or renewals thereof as may be reasonably requested by the Borrower or the Administrative Agent, in each case certifying that such Lender is entitled to receive
payments under this Agreement and the Notes without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or
regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and
delivering any such form with respect to it and such Lender advises the Borrower and the Administrative Agent that it is not capable of receiving payments without any deduction or withholding of
United States federal income tax. 

    2.21  [RESERVED.]  

    2.22  Regulation D Compensation.  Each Lender may require the Borrower to pay, contemporaneously
with each payment of interest on the Euro-Dollar Loans, additional interest on the related Euro-Dollar Loan of such Lender at a rate per annum determined by such Lender up to
but not exceeding the excess of (i) (A) the applicable London Interbank Offered Rate divided by (B) one minus the Euro-Dollar Reserve Percentage over (ii) the
applicable London Interbank Offered Rate. Any Lender wishing to require payment of such additional interest (x) shall so notify the Borrower and the Agent, in which case such additional
interest on the Euro-Dollar Loans of such Lender shall be payable to such Lender at the place indicated in such notice with respect to each Interest Period commencing at least three
Euro-Dollar Business Days after the giving of such notice and (y) shall notify the Borrower at least five Euro-Dollar Business Days prior to each date on which interest
is payable on the Euro-Dollar Loans of the amount then due it under this Section. 

    2.23  Increased Commitments; Additional Lenders.  

    (a) Subsequent
to the Effective Date, the Borrower may, upon at least 30 days notice to the Administrative Agent (which shall promptly provide a copy of such
notice to the Lenders), propose to increase the aggregate amount of the Commitments and the Other Commitments by an aggregate amount not to exceed $593,000,000 (the amount of any such increase of the
Commitments being referred to as the "Increased Commitments"). Each Lender party to this Agreement at such time shall have the right (but no obligation), for a period of 15 days following
receipt of such notice, to elect by notice to the Borrower and the Administrative Agent to increase its Commitment by a principal
amount which bears the same ratio to the Increased Commitments as its then Commitment bears to the aggregate Commitments then existing. Each Lender which fails to respond to any such request shall be
conclusively deemed to have refused to consent to an increase in its Commitment. 

    (b) If
any Lender party to this Agreement shall not elect to increase its Commitment pursuant to subsection (a) of this Section, the Borrower may designate
another Person which qualifies as an Eligible Assignee (which may be, but need not be, one or more of the existing Lenders) which at the time agrees to (i) in the case of any such Person that
is an existing Lender, increase its Commitment and (ii) in the case of any other such Person (an "Additional Lender"), become a party to this Agreement. The sum of the increases in the
Commitments of the existing Lenders pursuant to this subsection (b) plus the Commitments of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of the Increased
Commitments. 

16

 

    (c) An increase in the aggregate amount of the Commitments pursuant to this Section 2.23 shall become effective upon the receipt by the Administrative Agent of
an agreement in form and substance satisfactory to the Administrative Agent signed by the Borrower, by each Additional Lender and by each other Lender whose Commitment is to be increased, setting
forth the new Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof, together
with such evidence of appropriate corporate authorization on the part of the Borrower with respect to the Increased Commitments and such opinions of counsel for the Borrower with respect to the
Increased Commitments as the Administrative Agent may reasonably request. 

 
 

ARTICLE III.    
  

 
  CONDITIONS    
  

    3.01  Borrowings.  The obligation of any Lender to make a Loan on the occasion of any Borrowing is
subject to the satisfaction of the following conditions: 

    (a) receipt
by the Administrative Agent of a Notice of Borrowing as required by Section 2.02; 

    (b) immediately
after such Borrowing, the sum of the aggregate outstanding principal amount of the Loans will not exceed the aggregate amount of the Commitments; 

    (c) immediately
before and after such Borrowing, no Default or Event of Default shall have occurred and be continuing; and 

    (d) the
representations and warranties of the Borrower contained in this Agreement (except the representations and warranties set forth in Section 4.04 and
Section 4.05, in each case as to any matter which has theretofore been disclosed in writing by the Borrower to the Lenders) shall be true on and as of the date of such Borrowing. 

Each
Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing as to the facts specified in clauses (b), (c) and (d) of this Section. 

    3.02  Effectiveness.  This Agreement shall become effective on the date that each of the following
conditions shall have been satisfied (or waived in accordance with Section 9.04): 

    (a) receipt
by the Administrative Agent of counterparts hereof signed by each of the parties hereto (or, in the case of any party as to which an executed counterpart
shall not have been received, receipt by the Administrative Agent in form satisfactory to it of telegraphic, telex or other written confirmation from such party of execution of a counterpart hereof by
such party); 

    (b) receipt
by the Administrative Agent for the account of each Lender of a duly executed Note dated on or before the Effective Date complying with the provisions of
Section 2.05; 

    (c) receipt
by the Administrative Agent of an opinion of Gibson, Dunn & Crutcher, LLP, substantially in the form of Exhibit F; 

    (d) arrangements
satisfactory to the Administrative Agent for the repayment of all loans (if any) outstanding under the Existing Short Term Credit Agreement and the
termination of the lending commitments thereunder; 

    (e) receipt
by the Administrative Agent of all documents it may reasonably request relating to the existence of the Borrower, the corporate authority for and the
validity of this Agreement and the Notes, and any other matters relevant hereto, all in form and substance satisfactory to the Administrative Agent; and 

17

 

    (f)  the Borrower shall have concurrently entered into the proposed Amendment No. 3 to the Five Year Credit Agreement substantially in the form previously
distributed to the Lenders. 

    The
Administrative Agent shall promptly notify the Borrower, the Administrative Agent and each Lender of the effectiveness of this Agreement, and such notice shall be conclusive and
binding on all parties hereto. 

 
 

ARTICLE IV.    
  

 
  REPRESENTATIONS AND WARRANTIES    
  

    The
Borrower represents and warrants that: 

    4.01  Corporate Existence and Power  . The Borrower (a) is a corporation duly incorporated,
validly existing and in good standing under the laws of Delaware, (b) has all corporate powers and authority and all material governmental licenses (including, without limitation, any such
license issued by a Gaming Board), authorizations, consents and approvals required to own its property and assets and carry on its business as now conducted and (c) is duly qualified as a
foreign corporation and in good standing in each jurisdiction where the ownership, leasing and operation of its property or the conduct of its business requires such qualification. 

    4.02  Corporate and Governmental Authorization; Contravention.  The execution, delivery and performance
by the Borrower of this Agreement and the Notes are within the Borrower's corporate powers, have
been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any Governmental Agency and do not contravene, or constitute a default under, any
provision of applicable law or regulation or of the certificate of incorporation or by-laws of the Borrower or of any agreement, judgment, injunction, order, decree or other instrument
binding upon the Borrower or result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries. 

    4.03  Binding Effect.  This Agreement constitutes a valid and binding agreement of the Borrower and the
Notes, when executed and delivered in accordance with this Agreement, will constitute valid and binding obligations of the Borrower, in each case enforceable in accordance with their respective terms. 

    4.04  Financial Information.  Since December 31, 1999, there has been no material adverse change
in the business, financial position, results of operations or prospects of the Borrower and its Consolidated Subsidiaries, considered as a whole. 

    4.05  Litigation.  Except as disclosed in the Borrower's form 10-K report for the year
ended December 31, 2000 or in its 10-Q reports for the quarter ended March 31, 2001, there is no action, suit or proceeding pending against, or to the knowledge of the
Borrower threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official in which there is a reasonable possibility
of an adverse decision which could materially adversely affect the business, consolidated financial position or consolidated results of operations of the Borrower and its Consolidated Subsidiaries or
which in any manner draws into question the validity or enforceability of this Agreement or the Notes. Without limiting the generality of the foregoing, with respect to those litigation matters
described above as reported in the Borrower's aforementioned form 10-K or 10-Q reports, (a) the disclosure contained therein was accurate as of the date of
thereof, and (b) since such date there has been no material adverse development. 

    4.06  Compliance with ERISA.  Each member of the ERISA Group has fulfilled its obligations under the
minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and is in compliance in all material respects with the presently applicable provisions of ERISA and the
Internal Revenue Code with respect to each Plan. No member of the ERISA Group has 

18

 

(i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to make any contribution or payment to any
Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or could result in the imposition of a Lien or the
posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV or ERISA other than a liability to the PBGC for premiums under
Section 4007 of ERISA. 

    4.07  Taxes.  The Borrower and its Significant Subsidiaries have filed all United States Federal income
tax returns and other material tax returns which are required to be filed by them and have paid or agreed to settlements of all taxes due pursuant to such returns or pursuant to any assessment
received by the Borrower or any Subsidiary, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been provided. The charges, accruals and reserves
on the books of the Borrower and its Significant Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. 

    4.08  Significant Subsidiaries.  Each of the Significant Subsidiaries (a) is duly formed, validly
existing and in good standing under the laws of its jurisdiction of formation, (b) has all corporate or other powers and authority and all material governmental licenses (including, without
limitation, any such license issued by a Gaming Board), authorizations, consents and approvals required to own its property and assets and carry on its business as now conducted and (c) is duly
qualified and in good standing in each jurisdiction where the ownership, leasing and operation of its property or the conduct of its business requires such qualification, and the failure to be so
qualified would have a material adverse effect on the Borrower and its Subsidiaries. 

    4.09  Not an Investment Company.  The Borrower is not an "investment company" within the meaning of the
Investment Company Act of 1940, as amended. 

    4.10  Environmental Matters.  The Borrower has reasonably concluded that Environmental Laws are unlikely
to have a material adverse effect on the business, financial position, results of operations or prospects of the Borrower and its Consolidated Subsidiaries, considered as a whole. 

    4.11  Full Disclosure.  All information heretofore furnished by the Borrower to the Agents or to any
Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by the Borrower to the Administrative Agent or any
Lender will be, taken as a whole, true and accurate in all material respects on the date as of which such information is stated or certified. The Borrower has disclosed to the Lenders in writing or by
means of its filings with the Securities and Exchange Commission any and all facts which materially and adversely affect or may affect (to the extent the Borrower can now reasonably foresee), the
business, operations or financial position of the Borrower and its Consolidated Subsidiaries, taken as a whole, or the ability of the Borrower to perform its obligations under this Agreement. With
respect to any projections or forecasts provided, such projections or forecasts represent, as of the date thereof, management's best estimates based on reasonable assumptions and all available
information, but are subject to the uncertainty inherent in all projections and forecasts. 

    4.12  Solvency.  As of the Effective Date, the Borrower and its Significant Subsidiaries are, on a
consolidated basis, Solvent. 

    4.13  Gaming Laws.  The Borrower and its Subsidiaries are in material compliance with all applicable
Gaming Laws. 

19

 
 
 

ARTICLE V.    
  

 
  COVENANTS    
  

    The Borrower agrees that, so long as any Lender has any Commitment hereunder or any amount payable under any Note remains unpaid: 

    5.01  Information.  The Borrower will deliver to the Administrative Agent (who shall promptly distribute
the same to the Lenders or advise the Lenders thereof): 

    (a) as
soon as available and in any event within 90 days after the end of each fiscal year of the Borrower, the consolidated balance sheet of the Borrower and
its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income and cash flows for such fiscal year, setting forth in each case in comparative form
the figures as of the end of and for the previous fiscal year, all reported on in a manner acceptable to the Securities and Exchange Commission by Deloitte & Touche or other independent public
accountants of nationally recognized standing; 

    (b) as
soon as available and in any event within 60 days after the end of each of the first three quarters of each fiscal year of the Borrower, the consolidated
balance sheet of the Borrower and its Consolidated Subsidiaries as of the end of such quarter and the related consolidated statements of income and cash flows for such quarter and for the portion of
the Borrower's fiscal year ended at the end of such quarter, setting forth in the case of such statements of income and cash flows in comparative form the figures for the corresponding quarter and the
corresponding portion of the Borrower's previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, generally accepted accounting
principles and consistency by an Authorized Officer; 

    (c) simultaneously
with the delivery of each set of financial statements referred to in clauses (a) and (b) above, a Compliance Certificate
(i) setting forth in reasonable detail the calculations required to establish whether the Borrower was in compliance with the requirements of Sections 5.06, 5.10 and 5.11 on the date of
such financial statements, and (ii) stating whether any Default exists on the date of such
Compliance Certificate and, if any Default then exists, setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; 

    (d) simultaneously
with the delivery of each set of financial statements referred to in clause (a) above, a statement of the firm of independent public
accountants which reported on such statements (i) whether anything has come to their attention to cause them to believe that any Default existed on the date of such statements and
(ii) confirming the calculations set forth in the officer's certificate delivered simultaneously therewith; 

    (e) as
soon as available and in any event not later than the last day of February of each year, a completed Pricing Certificate as of December 31 of the prior
year; 

    (f)  within
five Domestic Business Days of any officer of the Borrower obtaining knowledge of any Default, if such Default is then continuing, a certificate of an
Authorized Officer setting forth the details thereof and the action which the Borrower is taking or proposes to take with respect thereto; 

    (g) promptly
upon the mailing thereof to the shareholders of the Borrower generally, copies of all financial statements, reports and proxy statements so mailed; 

    (h) promptly
upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on
Form S-8 or its equivalent) and reports on 

20

 

Forms 10-K, 10-Q and 8-K (or their equivalents) which the Borrower shall have filed with the Securities and Exchange Commission; 

    (i)  if
and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any "reportable event" (as defined in Section 4043
of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to
give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal
liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC
under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer, any Plan, a copy of
such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to
terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC;
(vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or
Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a
bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Borrower setting forth details as to such occurrence and action, if any, which the Borrower
or applicable member of the ERISA Group is required or proposes to take; 

    (j)  forthwith,
notice of any change of which the Borrower becomes aware in the rating by S&P or Moody's, of the Borrower's outstanding senior unsecured
long-term debt securities; and 

    (k) from
time to time such additional information regarding the financial position or business of the Borrower and its subsidiaries as the Administrative Agent, at the
request of any Lender, may reasonably request. 

    5.02  Maintenance of Property; Insurance.  

    (a) The
Borrower will keep, and will cause each Significant Subsidiary to keep, all property useful and necessary in its business in good working order and condition,
ordinary wear and tear excepted, except where failure to do so would not have a material adverse effect on the business, financial position, results of operations or prospects of the Borrower and its
Consolidated Subsidiaries, considered as a whole. 

    (b) The
Borrower will, and will cause each of its Significant Subsidiaries to, maintain (either in the name of the Borrower or in such Subsidiary's own name) with
financially sound and responsible insurance companies, insurance on all their respective properties in at least such amounts and against at least such risks (and with such risk retention) as are
usually insured against in the same general area by companies of established repute engaged in the same or a similar business and will furnish to the Lenders, upon request from the Administrative
Agent, information presented in reasonable detail as to the insurance so carried. Notwithstanding the foregoing, the Borrower may self-insure with respect to such risks with respect to
which companies of established repute engaged in the same or similar business in the same general area usually self-insure. 

    5.03  Conduct of Business and Maintenance of Existence.  The Borrower will continue, and will cause each
Significant Subsidiary to continue, to engage in business of the same general type conducted by the Borrower and its Significant Subsidiaries as of the Effective Date, and will preserve, renew and
keep in full force and effect, and will cause each Subsidiary to preserve, renew and keep in full force and effect their respective corporate existence and their respective rights, privileges and
franchises 

21

 

necessary or desirable in the normal conduct of business; provided that nothing in this Section 5.03 shall prohibit (i) the merger of a Subsidiary into the Borrower or the merger or the
consolidation of a Subsidiary with or into another Person if the corporation surviving such consolidation or merger is a Subsidiary and if, in each case, after giving effect thereto, no Default shall
have occurred and be continuing or (ii) the termination of the corporate existence of any Subsidiary if (A) the Borrower in good faith determines that such termination is in the best
interest of the Borrower and (B) such termination is not materially disadvantageous to the Lenders. 

    5.04  Compliance with Laws.  The Borrower will comply, and cause each Significant Subsidiary to comply,
in all material respects with all applicable laws, ordinances, rules, regulations, and requirements of any Governmental Agency (including, without limitation, Environmental Laws, Gaming Laws and ERISA
and, in each case, the rules and regulations thereunder) except where the necessity of compliance therewith is contested in good faith by appropriate proceedings. 

    5.05  Inspection of Property, Books and Records.  The Borrower will keep, and will cause each Significant
Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of all dealings and transactions in relation to its business and activities; and will
permit, and will cause each Significant Subsidiary to permit, representatives of any Lender at such Lender's expense to visit and inspect any of their respective properties, to examine and make
abstracts from any of their respective books and records and to discuss their respective affairs, finances and accounts with their respective officers, employees and independent public accountants,
all at such reasonable times and as often as may reasonably be desired. 

    5.06  Negative Pledge.  None of the Borrower, any Covered Subsidiary or any Significant Subsidiary will
create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except: 

    (a) Liens
existing as of the Effective Date; 

    (b) any
Lien existing on any asset of any corporation at the time such corporation becomes a Subsidiary and not created in contemplation of such event; 

    (c) any
Lien on any asset securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring or constructing such asset (it being
understood that, for this purpose, the acquisition of a Person is also an acquisition of the assets of such Person); provided that the Lien attaches to
such asset concurrently with or within 180 days after the acquisition thereof, or such longer period, not to exceed 12 months, due to the Borrower's inability to retain the requisite
governmental approvals with respect to such acquisition; provided further that, in the case of real estate, (i) the Lien attaches within
12 months after the latest of the acquisition thereof, the completion of construction
thereon or the commencement of full operation thereof and (ii) the Debt so secured does not exceed the sum of (x) the purchase price of such real estate plus (y) the costs of such
construction; 

    (d) any
Lien on any asset of any corporation or other business entity existing at the time such corporation or other business entity is merged or consolidated with or
into the Borrower or a Subsidiary and not created in contemplation of such event; 

    (e) any
Lien existing on any asset prior to the acquisition thereof by the Borrower or a Subsidiary and not created in contemplation of such acquisition; 

    (f)  any
Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted by any of the foregoing clauses of this Section,  provided that such Debt is not increased
(other than to cover any transaction costs of such refinancing, extension, renewal or refunding) and is not
secured by any additional assets; 

    (g) Liens
securing Debt of a Subsidiary to the Borrower or another Subsidiary; and 

22

 

    (h) Liens not otherwise permitted by the foregoing clauses of this Section encumbering assets of the Borrower and its Consolidated Subsidiaries having an aggregate fair
market value which is not in excess of 10% of Consolidated Net Tangible Assets (determined, in each case, by reference to the most recent date for which the Borrower has delivered its financial
statements under Section 5.01(a)). 

    5.07  Consolidations, Mergers and Sales of Assets.  The Borrower and its Subsidiaries will not
(i) consolidate or merge with or into any other Person or (ii) sell, lease or otherwise transfer all or any substantial part of the assets of the Borrower and its Subsidiaries, taken as
a whole, to any other Person, or (iii) acquire all or substantially all of the assets of, or more than 49% of the capital stock or other equity securities of, any Person which is not engaged in
the same general lines of business as the Borrower and its Subsidiaries, if, giving effect to such consolidation, merger, sale or acquisition, the Borrower is not in pro forma compliance with the
covenants set forth in Sections 5.10 and 5.11; provided that, notwithstanding the foregoing, the Borrower may merge with another Person only if (A) the Borrower is the corporation surviving
such merger, and (B) immediately after giving effect to such merger, no Default shall have occurred and be continuing. 

    5.08  Hostile Tender Offers.  The Borrower and its Subsidiaries will not make any offer to purchase or
acquire, or prosecute, pursue or consummate a purchase or acquisition of, 5% or more of the capital
stock of any corporation or other business entity, if the board of directors or other equivalent governing body of such corporation or business entity has notified the Borrower or its relevant
Subsidiaries that it opposes such offer or purchase and such notice has not been withdrawn or superseded. 

    5.09  Use of Proceeds.  The proceeds of the Loans made under this Agreement will be used by the Borrower
for general corporate purposes, including but not limited to, the refinancing of obligations under the Existing Short Term Credit Agreement and transactional and other expenses associated herewith.
None of such proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any "margin stock" within the meaning of
Regulation U other than "margin stock" issued by the Borrower which is retired upon purchase or for any purpose which violates Section 5.08. 

    5.10  Leverage Ratio.  The Leverage Ratio will not, as of the last day of any fiscal quarter of the
Borrower described in the matrix below, exceed the ratio set forth opposite that fiscal quarter: 

	Fiscal Quarters Ending
 
	 	Maximum Ratio
 

	September 30, 2001 and

December 31, 2001	 	4.75:1.00
	Later Fiscal Quarters	 	4.50:1.00

    5.11  Interest Coverage Ratio.  The Interest Coverage Ratio shall not, as of the last day of any fiscal
quarter of the Borrower described in the matrix below, be less than the ratio set forth opposite that fiscal quarter: 

	Fiscal Quarters Ending
 
	 	Minimum Ratio
 

	September 30, 2001 through and

including March 31, 2002	 	2.75:1.00
	Later Fiscal Quarters	 	3.00:1.00

23

  

 
 

ARTICLE VI.    
    
    DEFAULTS    
  

    6.01  Events of Default.  If one or more of the following events ("Events of Default") shall have
occurred and be continuing: 

    (a) the
Borrower shall fail to (i) pay when due any principal of any Loan under this Agreement, or (ii) pay within five days of the due date thereof any
interest, fees or other amount payable hereunder; 

    (b) the
Borrower shall fail to observe or perform any covenant contained in Sections 5.06 to 5.11, inclusive; 

    (c) the
Borrower shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a) or
(b) above) for 7 days after written notice thereof has been given to the Borrower by the Administrative Agent, which notice shall be delivered to the Borrower by the Administrative Agent
at the request of any Lender; 

    (d) any
representation, warranty, certification or statement made or deemed made by the Borrower in this Agreement or in any certificate, financial statement or other
document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed made); 

    (e) the
Borrower or any Covered Subsidiary or any Significant Subsidiary shall fail to make any payment in respect of any Debt (other than the Notes and
Non-Recourse Debt) when due or within any applicable grace period and the aggregate principal amount of such Debt is in excess of $100,000,000; 

    (f)  any
event or condition shall occur which results in the acceleration of the maturity of any Debt (other than Non-Recourse Debt) in excess of
$100,000,000 of the Borrower or any Covered Subsidiary or any Significant Subsidiary or enables or entitles the holder of such Debt or any Person acting on such holder's behalf to accelerate the
maturity thereof; 

    (g) the
Borrower or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to
itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official
of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any corporate action to authorize any
of the foregoing; 

    (h) an
involuntary case or other proceeding shall be commenced against the Borrower or any Significant Subsidiary seeking liquidation, reorganization or other relief
with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for
relief shall be entered against the Borrower or any Significant Subsidiary under the federal bankruptcy laws as now or hereafter in effect; 

    (i)  any
member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $5,000,000 which it shall have become liable to pay under
Title IV of ERISA; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by 

24

 

any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability
(other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to administer, any Material Plan; or a condition shall exist by reason of which the
PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a default, within the meaning of
Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of
$25,000,000; 

    (j)  a
judgment or order for the payment of money in excess of $25,000,000 shall be rendered against the Borrower or any Subsidiary and such judgment or order shall
continue unsatisfied and unstayed for a period of 30 days; 

    (k) the
occurrence of a License Revocation with respect to a license issued to the Borrower or any of its Subsidiaries by any Gaming Board of the States of Mississippi,
New Jersey or Nevada with respect to gaming operations at any gaming facility accounting for five percent (5%) or more of the consolidated gross revenues of the Borrower and its Subsidiaries that
continues for thirty calendar days; 

then,
and in every such event, the Administrative Agent shall (i) if requested by the Required Lenders, by notice to the Borrower terminate the Commitments and they shall thereupon terminate,
and (ii) if requested by the Required Lenders, by notice to the Borrower declare the Loans (together with accrued interest thereon) to be, and the Loans (together with accrued interest thereon)
shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower; provided  that in the case of any of
the Events of Default specified in clause (g) or (h) above with respect to the Borrower, without any notice to the Borrower or any
other act by the Administrative Agent or the Lenders, the Commitments shall thereupon terminate and the Loans (together with accrued interest thereon) shall become immediately due and payable without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 

    6.02  Notice of Default.  The Administrative Agent shall give notice to the Borrower under
Section 6.01(c) promptly upon being requested to do so by any Lender and shall thereupon notify all the Lenders thereof. 

 
 

ARTICLE VII.    
    
    THE AGENTS    
  

    7.01  Appointment and Authorization.  Each Lender irrevocably appoints and authorizes each Agent to take
such action as agent on its behalf and to exercise such powers under this Agreement and the Notes as are delegated to such Agent by the terms hereof or thereof, together with all such powers as are
reasonably incidental thereto. 

    7.02  Agents and Affiliates.  Bank of America and the other Agents shall each have the same rights and
powers under this Agreement as any other Lender and each may exercise or refrain from exercising the same as though it were not an Agent, and Bank of America and the other Agents and their respective
affiliates may accept deposits from, lend money to, and generally engage in any kind of business with, the Borrower or any Subsidiary or Affiliate of the Borrower as if they were not Agents hereunder. 

25

 

    7.03  Action by Agents.  The obligations of the Agents hereunder are only those expressly set forth
herein. Without limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action with respect to any Default, except as expressly provided in
Article VI. 

    7.04  Consultation with Experts.  Each Agent may consult with legal counsel (who may be counsel for the
Borrower), independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such
counsel, accountants or experts. 

    7.05  Liability of Agent.  Neither any Agent nor any of their respective affiliates nor any of the
respective directors, officers, agents or employees of any of the foregoing shall be liable for any action taken or not taken by it in connection herewith (i) with the consent or at the request
of the Required Lenders or (ii) in the absence of its own gross negligence or willful misconduct. Neither any Agent nor any of their respective affiliates nor any of the respective directors,
officers, agents or employees of any of the foregoing shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in
connection with this Agreement or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of the Borrower; (iii) the satisfaction of any
condition specified in Article III, except in the case of the Administrative Agent receipt of items required to be delivered to it; or (iv) the validity, effectiveness or genuineness of
this Agreement, the Notes or any other instrument or writing furnished in connection herewith. The Administrative Agent shall incur no liability by acting in reliance upon any notice, consent,
certificate, statement, or other writing (which may be a bank wire, telex, facsimile transmission or similar writing) believed by it to be genuine or to be signed by the proper party or parties. 

    7.06  Indemnification.  Each Lender shall, ratably in accordance with its Commitment, indemnify the
Administrative Agent, its affiliates and its directors, officers, agents and employees (to the extent not reimbursed by the Borrower) against any cost, expense (including counsel fees and
disbursements), claim, demand, action, loss or liability (except such as result from such indemnitees' gross negligence or willful misconduct) that such indemnitee may suffer or incur in connection
with the Administrative Agent's role under this Agreement or any related action taken or omitted by such indemnitee hereunder. 

    7.07  Credit Decision.  Each Lender acknowledges that it has, independently and without reliance upon the
Administrative Agent, the Lead Arranger and Sole Book Manager or any other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Lead Arranger and Sole Book Manager or any other Lender,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action under this Agreement. 

    7.08  Successor Agent.  The Administrative Agent may resign at any time subject to the appointment of a
successor Agent by giving notice to the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right to appoint a successor Agent with the consent of the Borrower,
which consent shall not be unreasonably withheld or delayed; provided that no such consent shall be required if the successor Agent is a Lender. If no successor Agent shall have been so appointed, and
shall have accepted such appointment, within 30 days after the retiring Agent's "giving of notice of resignation, then the retiring Agent may, on behalf of the Lenders, and without the
Borrower's consent, appoint a successor Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined
capital and surplus of at least $1,000,000,000. Upon the acceptance of its appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with
all the rights and duties of the retiring Agent, and the retiring Agent shall be discharged from its duties and 

26

 

obligations hereunder. After any retiring Agent's resignation hereunder as Agent, the provisions of this Article shall inure to its benefit as to any actions taken or omitted to be taken by it while
it was Agent. 

    7.09  Agents' Fees.  The Borrower shall pay to each Agent for its own account fees in the amounts and at
the times previously agreed upon between the Borrower and such Agent. 

 
 

ARTICLE VIII.    
    
    CHANGE IN CIRCUMSTANCES    
  

    8.01  Basis for Determining Interest Rate Inadequate or Unfair.  If on or prior to the first day of any
Interest Period for any Fixed Rate Borrowing: 

    (a) the
Administrative Agent is advised by the Required Lenders that deposits in Dollars and in the required amounts are not being offered to the Lenders in the
relevant market for such Interest Period, or 

    (b) in
the case of a Committed Borrowing, Lenders having 50% or more of the aggregate amount of the Commitments advise the Administrative Agent that the London
Interbank Offered Rate, as determined
by the Administrative Agent, will not adequately and fairly reflect the cost to such Lenders of funding their Euro-Dollar Loans for such Interest Period, 

the
Administrative Agent shall forthwith give notice thereof to the Borrower and the Lenders, whereupon until the Administrative Agent notifies the Borrower that the circumstances giving rise to such
suspension no longer exist, the obligations of the Lenders to make Euro-Dollar Loans shall be suspended. Unless the Borrower notifies the Administrative Agent at least two Domestic
Business Days before the date of any Fixed Rate Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, such Fixed Rate Borrowing shall instead
be made as a Base Rate Borrowing. The Administrative Agent shall promptly notify the Lenders of any election by the Borrower pursuant to the preceding sentence. 

    8.02  Illegality.  If, on or after the date of this Agreement, the adoption of any applicable law, rule
or regulation, or any change in any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency
charged with the interpretation or administration thereof, or compliance by any Lender (or its Euro-Dollar Lending Office) with any request or directive (whether or not having the force of
law) of any such authority, central bank or comparable agency shall make it unlawful or impossible for any Lender (or its Euro-Dollar Lending Office) to make, maintain or fund its
Euro-Dollar Loans and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to the other Lenders and the Borrower, whereupon
until such Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make
Euro-Dollar Loans shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Lender shall designate a different Euro-Dollar Lending
Office if such designation will avoid the need for giving such notice and will not, in the sole judgment of such Lender, be otherwise disadvantageous to such Lender. If such Lender shall determine
that it may not lawfully continue to maintain and fund any of its outstanding Euro-Dollar Loans to maturity and shall so specify in such notice, the Borrower shall immediately prepay in
full the then outstanding principal amount of each such Euro-Dollar Loan, together with accrued interest thereon. Concurrently with prepaying each such Euro-Dollar Loan, the
Borrower shall borrow a Base Rate Loan in an equal principal amount from such Lender (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans
of the other Lenders), and such Lender shall make such a Base Rate Loan. 

27

 

    8.03  Increased Cost and Reduced Return.  

    (a) If
on or after the date hereof, the adoption of any applicable law, rule or regulation, or any change in any applicable law, rule or regulation, or any change in
the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the interpretation or administration thereof, or compliance by any Lender (or
its Applicable Lending Office) with any
request or directive (whether or not having the force of law) of any such authority, central bank or comparable agency: 

     (i) shall
subject any Lender (or its Applicable Lending Office) to any tax, duty or other charge with respect to its Fixed Rate Loans, its Note or its obligation to
make Fixed Rate Loans, or shall change the basis of taxation of payments to any Lender (or its Applicable Lending Office) of the principal of or interest on its Fixed Rate Loans or any other amounts
due under this Agreement in respect of its Fixed Rate Loans or its obligation to make Fixed Rate Loans (except for changes in the rate of tax on the overall net income of such Lender or its Applicable
Lending Office imposed by the jurisdiction in which such Lender's principal executive office or Applicable Lending Office is located); or 

    (ii) shall
impose, modify or deem applicable any reserve (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve
System, but excluding, with respect to any Euro-Dollar Loan any such requirement included in an applicable Euro-Dollar Reserve Percentage), special deposit, insurance
assessment or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Applicable Lending Office) or shall impose on any Lender (or its
Applicable Lending Office) or on the United States market for certificates of deposit or the London interbank market any other condition affecting its Fixed Rate Loans, its Note or its obligation to
make Fixed Rate Loans; 

and
the result of any of the foregoing is to increase the cost to such Lender (or its Applicable Lending Office) of making or maintaining any Fixed Rate Loan, or to reduce the amount of any sum
received or receivable by such Lender (or its Applicable Lending Office) under this Agreement or under its Note with respect thereto, by an amount deemed by such Lender to be material, then, within
15 days after demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender for such
increased cost or reduction. 

    (b) If,
after the date hereof, any Lender shall have determined that any applicable law, rule or regulation regarding capital adequacy (irrespective of the actual
timing of the adoption or implementation thereof and including, without limitation, any law or regulation adopted pursuant to the July 1988 report of the Basle Committee on Banking Regulations
and Supervisory Practices) or any change therein, or any change in the interpretation or administration thereof by any governmental authority, central bank or comparable agency charged with the
interpretation or administration thereof, or compliance by any Lender (or its Applicable Lending Office) with any request or directive regarding capital adequacy (whether or not having the force of
law) of any such authority, central bank or comparable agency, has or would have the effect of reducing the rate of return on capital of such Lender (or its Parent) as a consequence of such Lender's
obligations hereunder to a level below that which such Lender (or its Parent) could have achieved but for such law, regulation, change or compliance (taking into consideration its policies with
respect to capital adequacy) by an amount deemed by such Lender to be material, then from time to time, within 15 days after demand by such Lender (with a copy to the Administrative Agent), the
Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender (or its Parent) for such reduction. 

28

 

    (c) Each Lender will promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, which will
entitle such Lender to compensation pursuant to this Section and will designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such
compensation and will not, in the sole judgment of such Lender, be otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this Section and setting forth the
additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such amount, such Lender may use any reasonable averaging and attribution
methods. 

    8.04  Base Rate Loans Substituted for Affected Fixed Rate Loans.  If (i) the obligation of any
Lender to make Euro-Dollar Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded compensation under Section 8.03(a) and the Borrower shall,
by at least five Euro-Dollar Business Days, prior notice to such Lender through the Administrative Agent, have elected that the provisions of this Section shall apply to such Lender, then,
unless and until such Lender notifies the Borrower that the circumstances giving rise to such suspension or demand for compensation no longer exist: 

    (a) all
Loans which would otherwise be made by such Lender as Euro-Dollar Loans shall be made instead as Base Rate Loans (on which interest and principal
shall be payable contemporaneously with the related Fixed Rate Loans of the other Lenders), and 

    (b) after
each of its Euro-Dollar Loans has been repaid, all payments of principal which would otherwise be applied to repay such Fixed Rate Loans shall be
applied to repay its Base Rate Loans instead. 

 
 

ARTICLE IX.    
    
    MISCELLANEOUS    
  

    9.01  Notices.  All notices, requests and other communications to any party hereunder shall be in writing
(including bank wire, telex, telecopy or similar writing) and shall be given to such party: (x) in the case of the Borrower or the Administrative Agent, at its address or telex or telecopier
number set forth on the signature pages hereof, (y) in the case of any Lender, at its address or telex or telecopier number set forth in its Administrative Questionnaire or (z) in the
case of any party, such other address or telex or telecopier number as such party may hereafter specify for the purpose by notice to the
Administrative Agent and the Borrower. Each such notice, request or other communication shall be effective (i) if given by telex, when such telex is transmitted to the telex number specified in
this Section and the appropriate answer back is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed
as aforesaid or (iii) if given by any other means, when delivered or received at the address specified in this Section; provided that notices to the Administrative Agent under Article II
or Article VIII shall not be effective until received. 

    9.02  No Waivers.  No failure or delay by the Administrative Agent or any Lender in exercising any right,
power or privilege hereunder or under any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any
other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

    9.03  Expenses; Documentary Taxes; Indemnification.  

    (a) The
Borrower shall pay (i) all reasonable out-of-pocket expenses of the Administrative Agent and the Lead Arranger and Sole Book
Manager, including reasonable fees and disbursements of counsel for the Administrative Agent (including the allocated fees and expenses of any internal counsel), in connection with the preparation of
this Agreement and all related 

29

 

documents, the negotiation, closing and syndication of this Agreement and the Loans, and in connection with any waiver, amendment or consent hereunder or any amendment hereof or any Default or alleged
Default hereunder and (ii) if an Event of Default occurs, all reasonable out-of-pocket expenses incurred by the Administrative Agent or any Lender, including fees and
disbursements of counsel (including the allocated fees and expenses of any internal counsel), in connection with such Event of Default and collection, bankruptcy, insolvency and other enforcement
proceedings resulting therefrom. The Borrower shall indemnify each Lender against any transfer taxes, documentary taxes, mortgage recording taxes, assessments or charges made by any governmental
authority by reason of the execution and delivery or enforcement of this Agreement and the Notes. 

    (b) The
Borrower agrees to indemnify each Agent, the Lead Arranger and Sole Book Manager and each Lender, their respective affiliates and the respective directors,
officers, agents and employees of the foregoing (each an "Indemnitee") and hold each Indemnitee harmless from and against any and all liabilities, losses, damages, costs and expenses of any kind,
including, without limitation, the reasonable fees and disbursements of counsel (including the allocated fees and expenses of any internal counsel), which may be incurred by such Indemnitee in
connection with any investigative, administrative or judicial proceeding (whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this
Agreement or any actual or proposed use of proceeds of Loans hereunder; provided that no Indemnitee shall have the right to be indemnified hereunder for such Indemnitee's own gross negligence or
willful misconduct as determined by a court of competent jurisdiction. 

    9.04  Amendments and Waivers.  No amendment or waiver of the terms of this Agreement or the other Loan
Documents shall be made or be effective unless such amendment or waiver is in writing and is signed by the Borrower and the Required Lenders (and, if the rights or duties of the Administrative Agent
are affected thereby, by the Administrative Agent); provided that no such amendment or waiver shall, unless signed by all the Lenders, (i) increase or decrease the amount of the Commitment of
any Lender without the consent of that Lender (except for a ratable decrease in the Commitments of all Lenders) or subject any Lender to any additional obligation, (ii) reduce the principal of
or rate of interest on any Loan or interest thereon or any fees hereunder, (iii) postpone the date fixed for any payment of principal of or interest on any Loan or interest thereon or any fees
hereunder, or the Termination Date (except as contemplated by Section 2.15), (iv) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Notes, or
the percentage of Lenders, which shall be required for the Lenders or any of them to take any action under this Section or any other provision of this Agreement, or (v) render more restrictive
the ability of any Lender to assign or grant participations in its Commitment under Section 9.05. 

    9.05  Successors and Assigns.  

    (a) This
Agreement and the other Loan Documents to which the Borrower is a party will be binding upon and inure to the benefit of Borrower, the Administrative Agent,
each of the Lenders, and their respective successors and assigns, except that the Borrower may not assign its rights hereunder or thereunder or any
interest herein or therein without the prior written consent of all the Lenders. Each Lender represents that it is not acquiring its Note with a view to the distribution thereof within the meaning of
the Securities Act of 1933, as amended (subject to any requirement that disposition of such Note must be within the control of such Lender). Any Lender may at any time pledge its Note or any other
instrument evidencing its rights as a Lender under this Agreement to a Federal Reserve Bank, but no such pledge shall release that Lender from its obligations hereunder or grant to such Federal
Reserve Bank the rights of a Lender hereunder absent foreclosure of such pledge. 

    (b) From
time to time following the date upon which this Agreement is executed, each Lender may assign to one or more Eligible Assignees all or any portion of its
Commitment; 

30

 

 provided that (i) such Eligible Assignee, if not then a Lender or an Affiliate of the assigning Lender, shall be approved by each of the Administrative Agent and (if no
Event of Default then exists) Borrower (neither of which approvals shall be unreasonably withheld or delayed), (ii) such assignment shall be evidenced by an Assignment and Assumption Agreement
substantially in the form of Exhibit G, a copy of which shall be furnished to the Administrative Agent as hereinbelow provided, (iii) except  in the case of an assignment to an Affiliate of the
assigning Lender, to another Lender or of the entire remaining Commitment of the assigning Lender, the assignment shall not
assign a portion of the Commitments that is equivalent to less than $5,000,000, and (iv) the effective date of any such assignment shall be as specified in the Assignment and Assumption
Agreement, but not earlier than the date which is five Domestic Business Days after the date the Administrative Agent has received the Assignment and Assumption Agreement. Upon the effective date of
the Assignment and Assumption
Agreement, the Eligible Assignee named therein shall be a Lender for all purposes of this Agreement, with the Commitment therein set forth and, to the extent of such Commitment, the assigning Lender
shall be released from its further obligations under this Agreement. The Borrower agrees that they shall execute and deliver (against delivery by the assigning Lender to the Borrower of its Note) to
such assignee Lender, a Note evidencing that assignee Lender's Commitment, and to the assigning Lender, a Note evidencing the remaining Commitment retained by the assigning Lender. 

    (c) By
executing and delivering an Assignment and Assumption Agreement, the Eligible Assignee thereunder acknowledges and agrees that: (i) other than the
representation and warranty that it is the legal and beneficial owner of the Commitment being assigned thereby free and clear of any adverse claim, the assigning Lender has made no representation or
warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability,
genuineness or sufficiency of this Agreement or any other Loan Document; (ii) the assigning Lender has made no representation or warranty and assumes no responsibility with respect to the
financial condition of the Borrower or the performance by the Borrower of its obligations under this Agreement; (iii) it has received a copy of this Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 5.01 and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into
such Assignment and Assumption Agreement; (iv) it will, independently and without reliance upon the Administrative Agent or any Lender and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) it appoints and authorizes the Administrative Agent to take such
action and to exercise such powers under this Agreement as are delegated to the Administrative Agent by this Agreement; and (vi) it will perform in accordance with their terms all of the
obligations which by the terms of this Agreement are required to be performed by it as a Lender. 

    (d) The
Administrative Agent shall maintain a copy of each Assignment and Assumption Agreement delivered to it and a register (the "Register") of the names and address
of each of the Lenders and the Commitment held by each Lender, giving effect to each Assignment and Assumption Agreement. The Register shall be available during normal business hours for inspection by
the Borrower upon reasonable prior notice to the Administrative Agent. The Administrative Agent shall promptly confirm to any requesting Lender the amount of its Commitment set forth in the Register.
After receipt of a completed Assignment and Assumption Agreement executed by any Lender and an Eligible Assignee, and receipt of an assignment fee of $3,500 from such Lender or Eligible Assignee, the
Administrative Agent shall, promptly following the effective date thereof, provide to the Borrower and the affected Lenders confirmation of the changes in their respective Commitments. The Borrower,
the Administrative Agent and the Lenders shall deem and treat the Persons listed as Lenders in the Register as the holders and owners of the Commitments listed therein for all purposes hereof, and no
assignment or transfer 

31

 

of any Commitment shall be effective, in each case unless and until an Assignment and Assumption Agreement effecting the assignment or transfer thereof shall have been accepted by the Administrative
Agent and recorded in the Register as provided above. Prior to such recordation, all amounts owed with respect to the applicable Commitment shall be owed to the Lender listed in the Register as the
owner thereof, and any request, authority or consent of any Person who, at the time of making such
request or giving such authority or consent, is listed in the Register as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitment. 

    (e) Each
Lender may from time to time grant participations in its Commitment to one or more Lenders, other financial institutions or special purpose trusts;  provided, however, that (i) such Lender's
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (iii) the participating Lenders or other financial institutions shall not be a Lender hereunder for any purpose  except, if the participation agreement so provides, for the purposes of Sections 2.22, 8.03 and 9.03 but only to the extent that the cost of such
benefits to the Borrower does not exceed the cost which the Borrower would have incurred in respect of such Lender absent the participation, (iv) the Borrower, the Administrative Agent and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement, (v) the participation interest shall be
expressed as a percentage of the granting Lender's Commitment as it then exists and shall not restrict an increase in the Commitments, or in the granting Lender's Commitment, so long as the amount of
the participation interest is not affected thereby and (vi) the consent of the holder of such participation interest shall not be required for amendments or waivers of provisions of the Loan
Documents other than those which result in (A) a decrease in fees, interest rate spreads or principal payable to the holder of such
participation, (B) increase the Commitment of the granting Lender and thereby increase the funding requirements of the holder of such a participation, or (C) extend the Termination Date. 

    (f)  Notwithstanding
anything to the contrary contained herein, any Lender (a "Granting Lender") may grant to one or more special purpose funding vehicles (each, an
"SPC") of such Granting Lender, identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Borrower the option to provide all or any part of any
Committed Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement, provided that (i) nothing herein shall constitute a commitment to make any Loan by any
SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms
hereof, and (iii) except as expressly set forth herein, the rights of any such SPC shall be derivative of the rights of the Granting Lender, and each SPC shall be subject to all of the
restrictions upon the Granting Lender herein contained. Each SPC shall be conclusively presumed to have made arrangements with its Granting Lender for the exercise of voting and other rights hereunder
in a manner which is acceptable to the SPC, and the Administrative Agent, the Lenders and the Borrower and each other party shall be entitled to rely upon and deal solely with the Granting Lender with
respect to Loans made by or through its SPC. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the
Granting Lender. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the related
Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one
day after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person in instituting against, such SPC any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or similar proceedings under the laws of the United States or any State thereof with respect to any 

32

 

claim arising out of or related to this Agreement. In addition, notwithstanding anything to the contrary contained in this Section 9.05, each SPC may, at any time, without regard to the period
required by Section 9.05(b)(iv), (i) with notice to, but without the prior written consent of, the Borrower, the Borrower or the Administrative Agent, and without paying any processing
fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender or to any financial institutions providing liquidity and/or credit facilities to or for the account of such
SPC to fund the Loans made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein shall be construed in derogation of the obligation of
the Granting Lender to make Loans hereunder), and (ii) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper
dealer or provider of a surety, guarantee or credit or liquidity enhancement to such SPC. This Section 9.05(f) may not be amended without the consent of all SPC's then designated to the
Administrative Agent in accordance with the foregoing provisions of this Section. 

    9.06  Collateral.  Each of the Lenders represents to each Agent and each of the other Lenders that it in
good faith is not relying upon any "margin stock" (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided for in this Agreement. 

    9.07  California Law; Submission to Jurisdiction.  This Agreement and each Note shall be construed in
accordance with and governed by the laws of the State of California. The Borrower hereby submits to the nonexclusive jurisdiction of the United States District Court for the Central District of
California and of any California State court sitting in Los Angeles, California for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated
hereby. The Borrower irrevocably, waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a
court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 

    9.08  Counterparts; Integration.  This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement constitutes the entire agreement and understanding among the
parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

    9.09  Several Obligations.  The obligations of the Lenders hereunder are several. Neither the failure of
any Lender to carry out its obligations hereunder nor the failure of this Agreement to be duly authorized, executed and delivered by any Lender shall relieve any other Lender of its obligations
hereunder (or affect the rights hereunder of such other Lender). No Lender shall be responsible for the obligations of, or any action taken or omitted by, any other Lender hereunder. 

    9.10  Sharing of Set-Offs.  Each Lender agrees that if it shall, by exercising any right of
set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of principal and interest due with respect to any Note held by it which is greater than the
proportion received by any other Lender in respect of the aggregate amount of principal and interest due with respect to any Note
held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations in the Notes held by the other Lenders, and such other adjustments shall be
made, as may be required so that all such payments of principal and interest with respect to the Notes held by the Lenders shall be shared by the Lenders pro rata; provided  that nothing in this Section
shall impair the right of any Lender to exercise any right of set-off or counterclaim it may have and to apply the amount subject to
such exercise to the payment of indebtedness of the Borrower other than its indebtedness under the Notes. The Borrower agrees, to the fullest extent it may effectively do so under applicable law, that
any holder of a participation in a Note, whether or not acquired pursuant to the foregoing arrangements, may exercise rights of set-off or counterclaim and other rights with respect to 

33

 

such participation as fully as if such holder of a participation were a direct creditor of the Borrower in the amount of such participation. 

    9.11  WAIVER OF JURY TRIAL.  EACH OF THE BORROWER, THE AGENTS AND THE BANKS HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

    9.12  Confidentiality.  The Lenders hereby agree to hold any confidential information that they may
receive from Borrower or its Subsidiaries pursuant to this Agreement in confidence, except for disclosure: (a) to their respective Affiliates and to other parties to this Agreement;
(b) to legal counsel and accountants for any such party; (c) to other professional advisors to any such party, provided that the recipient has accepted such information subject to a
confidentiality agreement substantially similar to this paragraph or has notified such professional advisors of the confidentiality of such information; (d) to regulatory officials having
jurisdiction over that Lender; (e) to any Gaming Board; (f) as required by law or legal process (provided that the Lender shall endeavor, to the extent it may do so under applicable law,
to give the Borrower reasonable prior notice thereof to allow the Borrower to seek a protective order) or in connection with any legal proceeding to which that Lender and the Borrower are adverse
parties; and (g) to another financial institution in connection with a disposition or proposed disposition to that financial institution of all or part of that Lender's interests hereunder or a
participation interest in its Note, provided that the recipient has accepted such information subject to a confidentiality agreement substantially similar to this Section. For purposes of the
foregoing, "confidential information" shall mean any information respecting the Borrower or its Subsidiaries reasonably considered by them to be confidential, other than (i) information
previously filed with any governmental agency and available to the public, (ii) information previously published in any public medium from a source other than, directly or indirectly, that
Lender, and (iii) information previously disclosed by the Borrower or its Subsidiaries to any person not associated therewith without a confidentiality agreement substantially similar to this
Section. Nothing in this Section shall be construed to create or give rise to any fiduciary duty on the part of any Lender. 

34

 

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 

	 	 	PARK PLACE ENTERTAINMENT CORPORATION
	

 	
 	

By:	
 	

/s/ SCOTT LAPORTA   
 Scott LaPorta

Executive Vice President and Chief Financial Officer
	

 	
 	

 	
 	

Address for Notices:

Park Place Entertainment Corporation

3930 Howard Hughes Parkway, 4th Floor

Las Vegas, Nevada 89109

Attn: Scott LaPorta

Telephone: 702/699-5030

Telecopier: 702/699-5190

E-Mail: laportas@parkplace.com
	

 	
 	

 	
 	

With a copy to:

Park Place Entertainment Corporation

3930 Howard Hughes Parkway, 4th Floor

Las Vegas, Nevada 89109

Attn: Wes Allison, Vice President &

Corporate Controller

Telephone: 702/699-5212

Telecopier: 702/699-5141

E-Mail: allisonw@parkplace.com
	

 	
 	

BANK OF AMERICA, N.A., as Administrative Agent
	

 	
 	

By:	
 	

/s/ JANICE HAMMOND   
 Janice Hammond, Vice President
	

 	
 	

 	
 	

Address for Notices: Bank of America, N.A.

Entertainment/Media Group

Agency Management

Corporate & Investment Banking

CA9-706-11-03

555 South Flower Street, 11th Floor

Los Angeles, California 90071

Attn: Janice Hammond, Vice President

Telecopier: (213) 228-2299

Telephone: (213) 228-9861

35

 

	

 	
 	

BANK OF AMERICA, N.A., as a Lender
	

 	
 	

By:	
 	

/s/ GEORGE HAUSLER   
 George Hausler, Managing Director
	

 	
 	

 	
 	

Address for Notices: Bank of America, N.A.

Credit Products—LA 3283

Entertainment & Media Group

555 South Flower Street, 11th Floor

Los Angeles, California 90071

Attn: Scott L. Faber, Principal

Telecopier: (213) 228-2641

Telephone: (213) 228-2768
	

 	
 	

 	
 	

With a copy to:

Bank of America, N.A.

555 South Flower Street (LA-5777)

Los Angeles, California 90071

Attn: William Newby, Managing Director

Telecopier: (213) 228-3145

Telephone: (213) 228-2438
	

 	
 	

BANKERS TRUST COMPANY
	

 	
 	

By:	
 	

/s/ STEVEN P. LAPHAM   
 Title: Director
	

 	
 	

 	
 	

Address for notices: Bankers Trust Company

130 Liberty Street, Mail Stop 2252

New York, New York 10006

Attn.: George R. Reynolds

Facsimile: (212) 669-0743

Telephone: (212) 250-2863
	

 	
 	

THE BANK OF NOVA SCOTIA
	

 	
 	

By:	
 	

/s/ JED RICHARDSON   
 Title: Director
	

 	
 	

 	
 	

Address for notices: The Bank of Nova Scotia

San Francisco Agency

580 California Street, Suite 2100

San Francisco, California 94104

Attn.: Alan Pendergast, Relationship Manager

Facsimile: (415) 397-0791

Telephone: (415) 616-4155

36

  

	

 	
 	

THE BANK OF NEW YORK
	

 	
 	

By:	
 	

/s/ MEHRASA RAYGANI   
 Title: Vice President
	

 	
 	

 	
 	

Address for notices: The Bank of New York

10990 Wilshire Blvd., Suite 1125

Los Angeles, CA 90024

Attn.: Mehrasa Raygani

Facsimile: (310) 996-8667

Telephone: (310) 996-8660
	

 	
 	

CREDIT SUISSE FIRST BOSTON
	

 	
 	

By:	
 	

/s/ BILL O'DALY   /s/ JOHN D. LEWIS   

	

 	
 	

Title:	
 	

Vice President    Assistant Vice President

	

 	
 	

Address for notices:
	

 	
 	

Credit Suisse First Boston

Eleven Madison Avenue

New York, NY 10010

Attn: William O'Daly

Facsimile: (212) 743-2254

Telephone: (212) 325-1986
	

 	
 	

FIRST UNION NATIONAL BANK
	

 	
 	

By:	
 	

/s/ MARK B. FELKER   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

First Union National Bank

301 South College Street, 5th Floor

Charlotte, North Carolina 28288-0169

Attn.: John Reid, Vice President

Facsimile: (704) 383-7611

Telephone: (704) 383-1385
	

 	
 	

With a copy to:
	

 	
 	

First Union National Bank

301 South College Street, 5th Floor

Charlotte, North Carolina 28288-0760

Attn.: Mark Felker, Senior Vice President

Facsimile: (704) 383-7611

Telephone: (704) 374-7074

37

 

	

 	
 	

SOCIÉTÉ GÉNÉRALE
	

 	
 	

By:	
 	

/s/ CARINA T. HUYNH   

	

 	
 	

Title:	
 	

Vice President

	

 	
 	

Address for notices:
	

 	
 	

Société Générale

Four Embarcadero Center, Suite 1200

San Francisco, California 94111

Attn.: Mary Brickley

Facsimile: 415 989 9922

Telephone: 415 646 7328
	

 	
 	

COMMERZBANK AG, NEW YORK AND

GRAND CAYMAN BRANCHES
	

 	
 	

By:	
 	

/s/ CHRISITIAN JAGENBERG   

	

 	
 	

Title:	
 	

SVP and Manager

	

 	
 	

By:	
 	

/s/ WERNER SCHMIDBAUER   

	

 	
 	

Title:	
 	

SVP

	

 	
 	

Address for notices:
	

 	
 	

Commerzbank AG—Los Angeles Branch

633 West Fifth Street

Los Angeles, California 90071

Attn.: Werner Schmidbauer

Facsimile: (213) 623-0039

Telephone: (213) 683-5413
	

 	
 	

WELLS FARGO BANK, NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/ BRAD PETERSON   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

Wells Fargo Bank, National Association

201 Third Street, 8th Floor

San Francisco, California 94103

Attn.: Belle B. Gardia, Specialist—Syndications

Facsimile: (415) 512-9408

Telephone: (415) 477-5471

38

 

	

 	
 	

FLEET NATIONAL BANK
	

 	
 	

By:	
 	

/s/ ROBERT F. WORDELMANN   

	

 	
 	

Title:	
 	

Vice President

	

 	
 	

Address for notices:
	

 	
 	

Fleet National Bank

3670 Route 9 South

2nd Floor, NJ EH 47302E

Freehold, New Jersey 07747

Attn.: John T. Harrison

Facsimile: (732) 780-0754

Telephone: (732) 294-4282
	

 	
 	

DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
	

 	
 	

By:	
 	

/s/ DEBORAH CARLSON   

	

 	
 	

Title:	
 	

Director

	

 	
 	

By:	
 	

/s/ STEPHEN A. KOVACH   

	

 	
 	

Title:	
 	

Associate

	

 	
 	

Address for Notices:

Dresdner Bank AG, New York and Grand Cayman Branches

75 Wall Street

Attn: Michael Leffler

Facsimile: (212) 429-2524

Telephone: (212) 429-2242
	

 	
 	

THE FUJI BANK, LIMITED

a member of Mizuho Financial Group as co-agent
	

 	
 	

By:	
 	

/s/ SHINZO NISHITATE   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

The Fuji Bank, Limited, Los Angeles Agency

333 South Hope Street, 39th Floor

Los Angeles, California 90071

Attn.: Michael Kanda

Facsimile: (213) 253-4175

Telephone: (213) 253-4184

39

 

	

 	
 	

THE INDUSTRIAL BANK OF JAPAN, LIMITED

a member of Mizuho Financial Group as co-agent
	

 	
 	

By:	
 	

/s/ STEVEN SAVOLDELLI   

	

 	
 	

Title:	
 	

Vice President & Manager

	

 	
 	

Address for notices:
	

 	
 	

Loan Administration Issues:

The Industrial Bank of Japan, Limited

New York Branch

Credit Administration Department

1251 Avenue of the Americas, 31st Floor

New York, NY 10020-1104
	

 	
 	

Attention: Umesh Patel & Charmaine Tenn Sing Que

Telephone: (212) 282-4093 & (212) 282-4094

Fax No.: (212) 282-4480 or 4481
	

 	
 	

Legal, Financial Reporting and Credit Issues:
	

 	
 	

IBJ Los Angeles Agency

350 S. Grand Avenue, Suite 1500

Los Angeles, CA 90017

Attention: Steven Savoldelli, Vice President and Manager

Telephone: (213) 893-6421

Fax No.: (213) 488-9840
	

 	
 	

FIRST TENNESSEE BANK NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/ JAMES H. MOORE, JR.   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

First Tennessee Bank National Association

165 Madison Avenue, 9th Floor

Memphis, Tennessee 38103-2723

Attn.: Jim Moore

Facsimile: (901) 523-4267

Telephone: (901) 523-4108

40

 

	

 	
 	

THE MITSUBISHI TRUST AND BANKING CORPORATION
	

 	
 	

By:	
 	

/s/ TOSHIHIRO HAYASHI   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

The Mitsubishi Trust and Banking Corporation

520 Madison Avenue, 26th Floor

New York, New York 10022

Attn.: Dan Chang

Facsimile: (212) 755-2349 or 486-0970

Telephone: (212) 891-8218
	

 	
 	

ERSTE BANK, DER OESTERREICHISCHEN SPARKASSEN AG, NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/ ROBERT J. WAGMAN   

	

 	
 	

Title:	
 	

Vice President
 Erste Bank New York Branch
	

 	
 	

By:	
 	

/s/ JOHN S. RUNNION   

	

 	
 	

Title:	
 	

Managing Director
 Erste Bank New York Branch
	

 	
 	

Address for notices:
	

 	
 	

Erste Bank, New York

280 Park Avenue, West Building, 32nd Floor

New York, New York 10017

Attn.: Jean Ramjoot

Facsimile: (212) 984-5626

Telephone: (212) 984-5654

41

 

	

 	
 	

KBC BANK, N.V.
	

 	
 	

By:	
 	

/s/ ROBERT SNAUFFER   

	

 	
 	

Title:	
 	

First Vice President

	

 	
 	

By:	
 	

/s/ KENNETH D. CONNOR   

	

 	
 	

Title:	
 	

Vice President, Real Estate

	

 	
 	

Address for notices:
	

 	
 	

KBC Bank, N.V.

125 West 55th Street, 10th Floor

New York, New York 10019

Attn.:

Facsimile: (212) 956-5580

Telephone: (212)       
	

 	
 	

U.S. BANK NATIONAL ASSOCIATION
	

 	
 	

By:	
 	

/s/ SCOTT J. BELL   

	

 	
 	

Title:	
 	

Vice President

	

 	
 	

Address for notices:
	

 	
 	

U.S. Bank National Association

555 S.W. Oak Street, PL-4

Portland, Oregon 97204

Attn.: Dale Parshall, Vice President

Facsimile: (503) 275-5428

Telephone: (503) 275-3476
	

 	
 	

THE PEOPLES BANK, BILOXI, MISSISSIPPI
	

 	
 	

By:	
 	

/s/ CHEVIS C. SWETMAN   

	

 	
 	

Title:	
 	

President

	

 	
 	

Address for notices:
	

 	
 	

The Peoples Bank, Biloxi, Mississippi

152 Lameuse Street

Biloxi, Mississippi 39530

Attn.: Chevis Swetman

Facsimile: (228) 435-8417

Telephone: (228) 435-8205

42

 

	

 	
 	

TRUSTMARK NATIONAL BANK
	

 	
 	

By:	
 	

/s/ CRAIG E. SOSEBEE   

	

 	
 	

Title:	
 	

Vice President

	

 	
 	

Address for notices:
	

 	
 	

Trustmark National Bank

248 East Capitol Street

Jackson, Mississippi 39201

Attn.: Craig E. Sosebee

Facsimile: (601) 354-5030

Telephone: (601) 354-5939
	

 	
 	

HUA NAN COMMERCIAL BANK, LTD.
	

 	
 	

By:	
 	

/s/ GEORGE SHENG-I, CHANG   

	

 	
 	

Title:	
 	

Senior Vice President

	

 	
 	

Address for notices:
	

 	
 	

Hua Nan Commercial Bank, Ltd.

707 Wilshire Boulevard, Suite 3100

Los Angeles, California 90017

Attn.: Kemp Chen, Vice President

Facsimile: (213) 362-6617

Telephone: (213) 362-6666
	

 	
 	

THE TOKAI BANK, LIMITED—NEW YORK BRANCH
	

 	
 	

By:	
 	

/s/ SHINICHI NAKATANI   

	

 	
 	

Title:	
 	

Assistant General Manager

	

 	
 	

Address for Notices:

The Tokai Bank, Limited—New York Branch

55 E. 52nd Street

New York, New York 10055

Attn: Sam Rosen, Vice President

Facsimile: (212) 832-1428

Telephone: (212) 339-1162

43

 
 
 

Schedule 1—Pricing Schedule—Short Term Credit Facility    
  

    This Schedule 1 is attached to and made a part of the Short Term Credit Agreement dated as of August 23, 2001 among Park Place Entertainment
Corporation, a Delaware corporation, the Lenders, Bank of America, N.A., as Administrative Agent, and Banc of America Securities, LLC as Lead Arranger and Sole Book Manager (the "Credit Agreement").
Capitalized terms used in this Schedule 1 are used with the meanings set forth for those terms in the Credit Agreement. 

    The
"Euro-Dollar Margin," "Base Rate Margin," and "Facility Fee Rate" referred to in the Credit Agreement shall be determined for any day on the basis of the Status (as
defined below) of the Borrower as of that date, provided, that in the event that the Borrower fails to deliver any Compliance Certificate or Pricing Certificate on the date when required by
Section 5.01, and it is ultimately determined that the Status of the Borrower would have been changed on the basis of such delivery, then (a) the rate at which interest and facility fees
accrue under the Credit Agreement shall be increased in accordance with this Schedule, with retroactive effect to the first day of the Pricing Period to which such Compliance Certificate relates, and
(b) the Borrower shall, within 10 Business Days of a request by the Administrative Agent, make such additional payments to the Lenders through the Administrative Agent as are required to give
effect to such increased interest rates and facility fees in respect of any payments previously made by the Borrower. As of each date of determination, the Euro-Dollar Margin and Facility
Fee Rates shall equal the percentages set forth below under the column corresponding to the Status that exists on such day, provided that the Euro-Dollar Margin shall be increased or
decreased by the "Margin Adjustment" described below: 

	Status
 
	 	Level

I
	 	Level

II
	 	Level

III
	 	Level

IV
	 	Level

V
	 	Level

VI
	 
	Facility Fee Rate	 	0.080	%	0.100	%	0.125	%	0.150	%	0.200	%	0.250	%
	Euro-Dollar Margin	 	0.520	%	0.650	%	0.875	%	0.975	%	1.175	%	1.500	%

    The
"Base Rate Margin" shall, as of each date of determination, be the percentage, not less than 0.000% per annum, which is equal to the then prevailing Euro-Dollar Margin
(after adjustment upwards or downwards by the Margin Adjustment), minus 1.250%. 

    As
of each date of determination, the Status of the Borrower shall be determined on the basis of: 

    (a) the
Borrower's Debt Rating as of that date; or 

    (b) the
Leverage Ratio as of the last day of the fiscal quarter of the Borrower ending immediately prior to the first day of the Pricing Period in which such date of
determination occurs (the "Applicable Leverage Ratio"); 

whichever
such criteria yields the more favorable pricing to the Borrower according to the following standards: 

    "Level
I Status" exists at any date if, at such date, either (x) the Debt Rating assigned by S&P is A- or higher or the Debt Rating assigned by Moody's is A3 or
higher, or (y) the Applicable Leverage Ratio is less than 1.50:1. 

    "Level
II Status" exists at any date if, at such date, (i) either (x) the Debt Rating assigned by S&P is BBB+ or higher or the Debt Rating assigned by Moody's is Baa1 or
higher, or (y) the Applicable Leverage Ratio is less than 2.25:1 and (ii) Level I Status does not exist. 

    "Level
III Status" exists at any date, if, at such date, (i) either (x) the Debt Rating assigned by S&P is BBB or higher or the Debt Rating assigned by Moody's is Baa2
or higher, or (y) the Applicable Leverage Ratio is less than 3.00:1 and (ii) neither Level I Status nor Level II Status exists. 

44

 

    "Level IV Status" exists at any date, if, at such date, (i) either (x) the Debt Rating assigned by S&P is BBB- or higher or the Debt Rating assigned by
Moody's is Baa3 or higher, or (y) the Applicable Leverage Ratio is less than 3.75:1 and (ii) none of Level I Status, Level II Status or Level III Status exists. 

    "Level
V Status" exists at any date, if, at such date, (i) either (x) the Debt Rating assigned by S&P is BB+ or higher or the Debt Rating assigned by Moody's is Ba1 or
higher or (y) the Applicable Leverage Ratio is less than 4.25:1 and (ii) none of Level I Status, Level II Status, Level III Status or Level IV Status exists. 

    "Level
VI Status" exists at any date if, at such date, no such other Status exists. 

    For
purposes of this Schedule, the following terms have the following meanings, subject to the final two paragraphs of this Schedule: 

    "Margin
Adjustment" means, (a) as of any date of determination when the Applicable Leverage Ratio is in excess of 3.50:1 but equal to or less than 4.00:1, an incremental
interest margin of 0.075% per annum to be added to the Euro-Dollar Margin in determining the rate applicable to Euro Dollar Loans,
(b) as of any date of determination when the Applicable Leverage Ratio is in excess of 4.00:1 but equal to or less than 4.75:1, an incremental interest margin of 0.150% per annum to be added to
the Euro-Dollar Margin in determining the rate applicable to Euro-Dollar Loans, (c) as of any date of determination when the Applicable Leverage Ratio is in excess of
4.75:1, an incremental interest margin of 0.225% per annum to be added to the Euro-Dollar Margin in determining the rate applicable to Euro-Dollar Loans, and (d) as of
any date of determination when the Applicable Leverage Ratio is less than 2.00:1, a deduction of 0.075% per annum to be subtracted from the Euro-Dollar Margin in determining the rate
applicable to Euro-Dollar Loans. 

    "Debt
Rating" means, as of any date of determination, the rating assigned by the Rating Agencies to the senior unsecured long-term debt securities of the Borrower without
third-party credit enhancement (and any rating assigned to any other debt security of the Borrower shall be disregarded) as of the close of business on such date, provided that (a) if such
securities receive a split-rating and the rating differential is one level, the higher of the two ratings will apply (e.g. A-/Baa1 results in Level I Status), and (b) if the
Borrower is split-rated and the ratings differential is more than one level, the average of the two ratings (or the higher of any two intermediate ratings) shall be used (e.g. A-/Baa2
results in Level II Status, as does A-/Baa3). 

45

QuickLinks

EXHIBIT 4.2

TABLE OF CONTENTS

SHORT TERM CREDIT AGREEMENT

ARTICLE I. DEFINITIONS

ARTICLE II.

THE CREDITS

ARTICLE III.

CONDITIONS

ARTICLE IV.

REPRESENTATIONS AND WARRANTIES

ARTICLE V.

COVENANTS

ARTICLE VI. DEFAULTS

ARTICLE VII. THE AGENTS

ARTICLE VIII. CHANGE IN CIRCUMSTANCES

ARTICLE IX. MISCELLANEOUS

Schedule 1—Pricing Schedule—Short Term Credit Facility

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