Document:

Exhibit
10.52

RELEASE,
WAIVER AND CONSENT AGREEMENT

This Release, Consent and Waiver Agreement
(this “Agreement”) is dated as of November 30, 2006 (the “Effective
Date”), by and among EQUITYCO, L.L.C., a Nevada limited liability
company (“EquityCo”), MEZZCO, L.L.C., a Nevada limited liability company
(the “Company”),  OPBIZ, L.L.C., a
Nevada limited liability company (the “Subsidiary Guarantor”) the
noteholders a party to this Agreement (the “Purchasers”), the
warrantholders party to this Agreement (the “Warrantholders”, and
together with the Purchasers, the “Securityholders”) and Post Advisory
Group, LLC, a Delaware limited liability company (the “Collateral Agent”).  Capitalized terms used herein but not
otherwise defined herein shall have the meaning ascribed thereto in the
Investor Rights Agreement (as defined below).

R E C I T A L S:

WHEREAS, the Securityholders and the Company have entered into that certain
Securities Purchase Agreement dated as of August 9, 2004  (as amended, supplemented or otherwise modified from time
to time, the “Purchase Agreement”) pursuant to which the Purchasers purchased (i) an aggregate $87,000,000
in Senior Subordinated Secured Notes (the “Notes”) and (ii) warrants (“Warrants”)
to purchase an aggregate of 17,500 of the Company’s units (subject to
adjustment and increase as provided in the Warrants) representing membership
interests in the Company, consisting of, Class B Units or if the holder so
elects, either Class A Units or a combination of Class A Units and Class B
Units exercisable at a price per unit of $.01;

WHEREAS, the Notes were secured by (i) the Security
Interest, as defined in and pursuant to that certain Security Agreement, dated
as of August 9, 2004, as amended by that certain Amendment to Agreement, dated
as of August 9, 2004, in each case executed by the Company in favor of the
Collateral Agent (the “Security Agreement”), and (ii) that certain Deed
of Trust, Assignment of Rents and Leases, Security Agreement and Fixture
Filing, dated as of August 9, 2004, executed by the Company in favor of the
Trustee (as defined therein) for the benefit of the Collateral Agent, as
Beneficiary thereunder (the “Deed of Trust”).

WHEREAS, the Notes were
guaranteed by the Subsidiary Guarantor pursuant to that certain Guaranty
Agreement dated as of August 9, 2004, by and among the Subsidiary Guarantor in
favor of the Purchasers and the Collateral Agent (the “Guaranty Agreement”);

WHEREAS, in order to induce the
Collateral Agent and the Securityholders to consummate the transactions contemplated
by the Purchase Agreement, the Company and the Collateral Agent entered into
that certain Pledge Agreement dated as of August 9, 2004 (the “Pledge
Agreement”), whereby the Company agreed to pledge and grant a security
interest to the Collateral Agent for the ratable benefit of the Purchasers in
the Collateral (as defined in the Pledge Agreement);

WHEREAS, The Company has
requested the Securityholders agree to a one-time limited waiver of certain
defaults of the Company under that certain Amended and Restated Loan and
Facilities Agreement dated as of August 9, 2004 by and between OpBiz, the
Lenders signatory thereto from time to time and The Bank of New York, Asset
Solutions Division, as administrative agent and collateral agent, and any
successor agent appointed thereto from time to 

time, such
defaults as disclosed in BH/RE L.L.C.’s (a Nevada limited liability company)
Form 10-Q for the period ended June 30, 2006 (the “Disclosed Default”);

WHEREAS, pursuant to
Section 2.1(a) of the Purchase Agreement, the Notes are scheduled to
mature on August 9, 2011 and the Company is not permitted to voluntarily redeem
the Notes on the date hereof, as further provided in Section 2.6.2 of
the Purchase Agreement;

WHEREAS, the Company has
indicated (i) its desire to enter into that certain credit facility with Column
Financial Inc., in the aggregate principal amount of up to $820,000,000 (the “Refinancing”),
and (ii) that it desires to use a portion of the proceeds to voluntarily redeem
the Notes in full on the date hereof for an aggregate cash payment equal to
$150,000,000 (the “Prepayment”);

WHEREAS, in connection with the
SPA Termination, as defined below, and the Refinancing, the Company and the
Warrantholders have determined that it is in their best interest to, and hereby
agree to enter into, an Amended and Restated Investor Rights Agreement dated as
of the date hereof (the “A&R Investor Rights Agreement”) and to
amend and restate the Warrants (each an “A&R Warrant” and
collectively the “A&R Warrants”);

WHEREAS, the Company has
requested that (i) the Purchasers consent to the Refinancing and the
Prepayment, (ii) the Securityholders agree to a one-time limited waiver of the
Disclosed Default, (iii) the Purchasers agree to terminate the Securities
Purchase Agreement in its entirety (the “SPA Termination”), (iv) the
Securityholders release and terminate the Guaranteed Obligations, as defined
in, and pursuant to the Guaranty Agreement (the “Guaranty Release”), (v)
the Securityholders release and terminate the Company’s pledge of the
Collateral, as defined in, and pursuant to the Pledge Agreement (the “Pledge
Release”), (vi) the Securityholders release their Security Interest, as
defined in, and pursuant to, the Security Agreement (the “Security Release”),
(vii) the Securityholders release and terminate the Deed of Trust (the “Real
Property Release”), and (viii) the Securityholders release the Securities
Account, as defined in, and pursuant to, that certain Securities Account
Control Agreement, dated as of August 9, 2004 (the “Account Control
Agreement”) and executed by the Company, the Collateral Agent and Wells
Fargo Bank, N.A., as Intermediary thereunder (the “Account Release” and
collectively with the Guaranty Release, the Pledge Release, the Security
Release and the Real Property Release, the “Releases”);

WHEREAS, the
Securityholders have agreed to (i) consent to the Refinancing, Prepayment and
the SPA Termination, (ii) waive the Disclosed Default, and (iii) execute the
Releases and, in each case subject to the completion by the Company of the
Restructuring Conditions, as defined in that certain Restructuring Agreement,
dated as of November 30, 2006 (the “Restructuring Agreement”) by and
among EquityCo, L.L.C., the Company and the Securityholders (the “Restructuring
Conditions”).

NOW, THEREFORE, in
consideration of the foregoing and for other consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to
be legally bound, hereby agree as follows:

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SECTION 1.           RELEASE.

1.1.        Subsidiary Guaranty Release.  Simultaneously with the occurrence of
the Effective Date, without any further action of the Securityholders, the
Subsidiary Guarantor shall be released in full from all of each of its
respective liabilities, obligations and other indebtedness under the Guaranty
Agreement, Purchase Agreement, Notes and the other Notes Documents (as defined
in the Purchase Agreement), and the Subsidiary Guaranty shall be  terminated.

1.2.          Parent Pledge Release.  Simultaneously with the occurrence of the
Effective Date, without any further action of the Securityholders, the
Subsidiary Guarantor shall be released in full from all of its respective
liabilities, obligations and other indebtedness under the Pledge Agreement, and
the Pledge Agreement shall be terminated.

1.3.          Security Agreement Release.  Simultaneously with the occurrence of the
Effective Date, without any further action of the Securityholders, the Company
shall be released in full from all of its respective liabilities, rights,
obligations, duties and other indebtedness under the Security Agreement, and
the Liens created thereunder, and the Security Agreement and the security
interest created thereunder shall be terminated.  On the Effective Date the Collateral Agent,
at the request and sole expense of the Company, shall deliver to the Company
such instruments or documents reasonably requested by the Company acknowledging
the satisfaction and termination of the Security Agreement and any such Liens
thereunder and shall authorize the Company to file termination statements under
the Uniform Commercial Code and will duly assign, transfer and deliver to the
Company (without recourse and without any representation or warranty) such of
the Collateral as may be in the possession of the Collateral Agent or held for
the account of the Collateral Agent and has not theretofore been sold,
assigned, disposed or otherwise applied or released pursuant to the Security
Agreement.  Prior to the Effective Date,
the Company shall have no authority to file termination, release or other
amendments to financing statements without specific written authorization from
the Collateral Agent.

1.4.          Real Property Release.  Simultaneously with the occurrence of the
Effective Date, without any further action of the Securityholders, the Company
shall be released in full from all of its respective liabilities, rights,
obligations, duties and other indebtedness under the Deed of Trust, and the
Liens created thereunder, and the Deed of Trust shall be terminated.  On the Effective Date, the Collateral Agent,
at the request and sole expense of the Company, shall deliver to the Company
such instruments or documents reasonably requested by the Company acknowledging
the satisfaction and termination of the Deed of Trust and any such Liens
thereunder and shall authorize the Company to file and record the Real Property
Release and termination statements under the Uniform Commercial Code and will
duly assign, transfer and deliver them to the Company.  Prior to the Effective Date, the Company
shall have no authority to file or record the Real Property Release or any
other termination, release or other amendments to financing statements without
specific written authorization from the Collateral Agent.

1.5.          Account Release.  Simultaneously with the occurrence of the
Effective Date, without any further action of the Securityholders, the Company
shall be released in full from all of its respective liabilities, rights,
obligations, duties and other indebtedness under the Account Control Agreement,
and the Liens created thereunder.  On the
Effective Date, the Collateral Agent, at the request and sole expense of the
Company, shall deliver to the Company or any other party to the Account Control
Agreement such instruments or documents reasonably 

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requested by the Company
acknowledging the satisfaction and termination of the Account Control Agreement
and any such Liens thereunder, and the Account Control Agreement shall be
hereby terminated.  Prior to the Effective
Date, the Company shall have no authority to effect the Account Release
specific written authorization from the Collateral Agent.

1.6.          Representations.  The Collateral Agent, on behalf of itself and
all other Securityholders, hereby represents, warrants and agrees as follows:

(a)           Complete Release.  For the purpose of implementing the Releases
for the Company, the Subsidiary Guarantor and the other Releasees, as defined
in the Restructuring Agreement, the Collateral Agent expressly acknowledges
that the above Releases are intended to include in their effect, without
limitation, any and all Claims which the Collateral Agent does not know or
suspect to exist in its favor at this time.

(b)           Capacity.  The Collateral Agent warrants that it has the
capacity to contract and to execute this Agreement and the Releases hereunder,
and that this Agreement and the Releases hereunder have been freely and
willingly made by it following any consultation it may desire to have with
counsel of its choice.

(c)           No Assignments.  The Collateral Agent has not assigned, transferred
or conveyed to any person or entity any right, interest or obligation thereof
with respect to any Claims herein purported to be released and waived.

SECTION 2.           WAIVER AND CONSENT.

2.1           As
of the Effective Date, subject to the completion of the Restructuring
Conditions in a manner acceptable to the Securityholders, the Collateral Agent
and the Securityholders, hereby agree as follows:

                                (a)           Disclosed Default.  The Securityholders expressly grant a
one-time limited waiver of the Disclosed Default, and to have waived its right,
and the right of the Securityholders to pursue the remedies available to them
on account of the Disclosed Default.

(b)           Waiver of Rights.  The Securityholders hereby expressly waive any rights they may have
under the Warrants, including any right to enforce any of the provisions
thereof, except to the extent such rights or provisions are contained
in the A&R Warrants, assuming the A&R Warrants had been issued on the
date hereof.

2.2           Subject to the
satisfaction of the conditions set forth in Section 3 below, Collateral
Agent, for itself and on behalf of the Securityholders hereby consents to: (i)
the Refinancing and Prepayment (ii) the SPA Termination, and (iii) the
Releases described herein.

SECTION 3.           CONDITIONS TO EFFECTIVENESS OF THIS
AGREEMENT; NO WAIVER.

3.1.          This Agreement shall not become
effective until the completion of the Restructuring Conditions in a manner
acceptable to the Majority Holders in their sole discretion.

3.2           The foregoing Releases, the waiver
and the consent described in Section 1 and Section 2 above, shall
not (i) be deemed a waiver by the Securityholders of any breach of any 

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representation, warranty
or covenant that has occurred or exists under the Purchase Agreement that would
constitute a breach of the covenants incorporated by reference into the A&R
Warrants, if the A&R Warrants had been issued on the date hereof; or (ii)
establish a custom or course of dealing among EquityCo, the Company, or the
Subsidiary Guarantor, on the one hand, and the Collateral Agent and the
Securityholders or any one of them, on the other hand.

SECTION 4.           MISCELLANEOUS.

4.1.                          Any provision in this
Agreement or any of the Restructuring Documents to the contrary
notwithstanding, changes in or additions to this Agreement may be made, and
compliance with any covenant or provision herein set forth may be omitted or
waived only in accordance with Section 9.3 of the A&R Investor
Rights Agreement.  Any waiver or consent
may be given subject to satisfaction of conditions stated therein and any
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

4.2.          The invalidity or unenforceability of
any provision hereof shall in no way affect the validity or enforceability of
any other provision.

4.3.          The descriptive headings of the
various Sections or parts of this Agreement are for convenience only and shall
not affect the meaning or construction of any of the provisions hereof.

4.4.          This Agreement may be executed in any
number of counterparts, all of which taken together shall constitute one and
the same instrument, and each of the parties hereto may execute this Agreement
by signing any such counterpart.

4.5.          Whenever the context may require, any
pronouns used herein shall include the corresponding masculine, feminine or
neuter forms, and the singular form of nouns and pronouns shall include the
plural and vice versa.

4.6.          GOVERNING LAW.  THIS AGREEMENT AND
THE OTHER RESTRUCTURING DOCUMENTS SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND TO BE PERFORMED IN THE STATE OF NEW YORK.

4.7.          WAIVER OF JURY TRIAL, ETC.  EACH PARTY HERETO ACKNOWLEDGES AND AGREES
THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE RESTRUCTURING
DOCUMENTS IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE
EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH
PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER
RESTRUCTURING DOCUMENTS, OR THE BREACH, TERMINATION OR VALIDITY OF THIS
AGREEMENT OR ANY OTHER RESTRUCTURING DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY.  EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR 

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OTHERWISE, THAT SUCH
OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (B) EACH SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH SUCH PARTY
MAKES THIS WAIVER VOLUNTARILY AND (D) EACH SUCH PARTY HAS BEEN
INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS
AND CERTIFICATIONS IN THIS SECTION 4.7.

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IN WITNESS WHEREOF, the parties have executed this Release, Waiver and
Consent Agreement as of the date first above written.

	
  

  	
  OPBIZ, L.L.C.,

  
	
   

  	
  a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  MezzCo, L.L.C,

  
	
   

  	
   

  	
   

  	
  its sole member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MEZZCO, L.L.C.

  
	
   

  	
  a Nevada limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  EquityCo, L.L.C,

  
	
   

  	
   

  	
   

  	
  its managing member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

	
  

  	
  COLLATERAL AGENT:

  
	
   

  	
   

  
	
   

  	
   

  	
  POST ADVISORY GROUP, L.L.C., as Collateral

  
	
   

  	
   

  	
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
  Title: Chief Investment Officer

  

 

 

	
  

  	
  SECURITYHOLDERS:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST TOTAL RETURN MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST DISTRESSED MASTER FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  STATE OF SOUTH DAKOTA RETIREMENT SYSTEM FUND

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

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

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  

 

 

	
  

  	
   

  	
  DB DISTRESSED OPPORTUNITIES MASTER PORTFOLIO, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

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

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MW POST PORTFOLIO FUND, LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

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

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE OPPORTUNITY FUND, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

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

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  

 

 

	
  

  	
  HFR DS OPPORTUNITY MASTER TRUST

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

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

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A. Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notices

  
	
   

  	
   

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

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST HIGH YIELD, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Post Advisory Group, LLC, its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notice:

  
	
   

  	
   

  	
  c/o Post Advisory Group, LLC

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  POST BALANCED FUND, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Post Advisory Group, LLC, its General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Lawrence A Post

  
	
   

  	
   

  	
   

  	
  Title: Chief Investment Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address for notice:

  
	
   

  	
   

  	
  c/o Post Advisory Group, LLC

  
	
   

  	
   

  	
  11755 Wilshire Boulevard, Suite 1400

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  

 

 

	
  

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Kenneth Krys

  
	
   

  	
  Title: Joint Official Liquidator

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: Christopher Stride

  
	
   

  	
  Title: Joint Official Liquidator

  

 

 

	
  

  	
  CONTINENTAL CASUALTY COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  333 South Wabash Avenue — 23 South

  
	
   

  	
  Chicago, IL 60604

  

 

 

	
  

  	
  CANPARTNERS INVESTMENTS IV, L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

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

  
	
   

  	
  9665 Wilshire Boulevard, Suite 200

  
	
   

  	
  Beverly Hills, CA 90212

  

 

 

	
  

  	
  JOHN HANCOCK HIGH YIELD FUND

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Ismail Gunes

  
	
   

  	
   

  	
  Title:

  	
  Vice President Investment

  
	
   

  	
   

  	
  Operations

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  101 Huntington Avenue

  
	
   

  	
  Boston, MA 02199

  

 

 

	
  

  	
  COCHRAN ROAD, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Steven Golub

  
	
   

  	
   

  	
  Title:

  	
  Attorney-in-Fact

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  225 Broadway, Suite 1515

  
	
   

  	
  New York, NY 10007

  

 

 

	
  

  	
  YORK CREDIT OPPORTUNITIES FUND, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Adam J. Semler

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  767 Fifth Avenue, 17th Floor

  
	
   

  	
  New York, NY 10153

  

 

 

	
  

  	
   

  
	
   

  	
  JEFFREY D. BENJAMIN

  
	
   

  	
   

  
	
   

  	
  Address for notices

  
	
   

  	
  133 East 64th Street

  
	
   

  	
  New York, NY 10021Exhibit 10.53

AMENDMENT
TO AMENDED AND RESTATED

PLANET
HOLLYWOOD RESORT &
CASINO

LICENSING AGREEMENT

THIS AMENDMENT TO AMENDED
AND RESTATED PLANET HOLLYWOOD RESORT & CASINO LICENSING AGREEMENT (hereinafter
referred to as the “Amendment”) is entered into and effective this 30th day of
November, 2006 by and among Planet Hollywood International, Inc., a corporation
duly organized and existing under the laws of the State of Delaware, having its
principal office and place of business at 7598 West Sand Lake Road, Orlando,
Florida, 32819, and Planet Hollywood (Region IV), Inc., a corporation duly
organized and existing under the laws of the State of Minnesota, having its
principal office and place of business at 7598 West Sand Lake Road, Orlando,
Florida, 32819 (hereinafter collectively referred to as “PHII”), Planet
Hollywood Memorabilia, Inc. (hereinafter referred to as “PHMemo”), a wholly
owned subsidiary of PHII duly organized and existing under the laws of the
State of Florida, having its principal office and place of business at 7598
West Sand Lake Road, Orlando, Florida, 32819 and OpBiz, L.L.C., a Nevada
limited liability company (hereinafter referred to as “HOTEL JV”) having its
principal office and place of business at 3667 Las Vegas Blvd. South, Las
Vegas, Nevada, 89109.

 

PREAMBLE

A. The parties hereto
entered into an Amended and Restated Planet Hollywood Resort & Casino Licensing Agreement on August 9, 2004
(the “Agreement”) concerning the licensing of certain intellectual property in
connection with the ownership and operation of the Planet Hollywood Resort &
Casino complex located at 3667 Las
Vegas Blvd. South, Las Vegas, Nevada; and

 

B. HOTEL JV is in the
process of pursuing a refinancing, and in connection therewith and in order to
accommodate same, the parties have agreed to amend certain terms and provisions
of the Agreement as set forth herein.

 

NOW, THEREFORE, for good and
valuable consideration, and for and in consideration of the mutual promises,
covenants and undertakings herein set forth, PHII, PHMemo and  HOTEL JV agree as follows:

1.             Definitions: Unless otherwise defined herein or the
context requires otherwise, capitalized terms utilized herein shall have the
meanings ascribed thereto in the Agreement.

 

2.             Amendments: Subject to the terms and conditions set forth
herein, the Agreement is hereby amended as follows:

 

(a)  Section 1.2 is hereby deleted in its entirety
and replaced with the following new Section 1.2:

 

“1.2. Subject to the
provisions of this Agreement, the License Rights granted herein shall be
exclusive to HOTEL JV and its permitted successors, assigns and sublicenses for
the operation of a hotel or hotel with a gaming casino within Clark County,
Nevada.””

 

(b)  Section 1.3 of the Agreement is hereby amended
by deleting such clause in its entirety and replacing it with the following new
Section 1.3:

 

“1.3 Subject to the
provisions of this Agreement, HOTEL JV shall have the right to grant
non-transferable sublicenses to use THE MARKS and the DOMAIN NAMES in connection
with the identification, management, operation, advertising and promotion of
the Complex, the Time Share Premises and the Bazaar Site to: (a) PH Fee Owner,
LLC; (b) Starwood or one or more of Starwood’s affiliates or subsidiaries as
appropriate or necessary (hereinafter referred to as “STARWOOD”); (c) Manager
(and any successor Manager) (d) Central Florida Investments, Inc. (and any
successor developer of the Time Share Premises); (e) BZ Clarity Theatrical - LV, LLC; and (f) Boulevard Invest, LLC
(with respect to Boulevard Invest, LLC such use as defined and as set forth in
the Agreement and Amendment to Construction, Operation and Reciprocal Easement
Agreement dated on or about August 17, 2005) and for no other business or
non-business purposes whatsoever and in accordance with Section 7, which
sublicenses shall be in a form and content reasonably acceptable to PHII.

 

(c)  Section 1.4 of the Agreement is hereby amended
by deleting such clause in its entirety and replacing it with “Intentionally
Omitted.”

(d)  Section 2.1 is hereby deleted in its entirety
and replacing it with the following new Section 2.1 :

“2.1         Commencing upon the
occurrence of each of: (a) the completion of the interior rebranding; and (b)
the operation of the Complex as a Planet Hollywood using THE MARKS (the “Reopening”),
as consideration for the use of THE MARKS, the DOMAIN NAMES, THE MEMO and the
other contributions of PHII and PHMemo hereunder, HOTEL JV shall pay PHII an
amount (the “Continuing Fee”) equal to one and 75/100 percent (1.75%) of HOTEL
JV’s Non-Casino Gross Receipts (as such term is defined in Section 2.2 below)
without set-off or deduction therefrom at PHIIYs principal place of business in
Orlando, Florida (unless otherwise agreed by PHII). The Continuing Fee shall be
paid quarterly in arrears and shall be due and payable quarterly to PHII on the
first day of each such quarter. Notwithstanding the foregoing, if prior to the
Reopening, HOTEL JV opens an attraction with paid admission using THE MEMO or
THE MARKS, HOTEL JV shall pay to PHII a Continuing Fee (payable quarterly as
set forth above) based solely on the Gross Receipts of such attraction (and
excluding all other “Non-Casino Gross Receipts” (defined below)) until the
Reopening.”

 2
 

(e)           Section 3.1 of the Agreement is hereby amended by deleting
such clause in its entirety and replacing it with “Intentionally Omitted.”

(f)            Section 5.1 is hereby amended by deleting the
sentence “The costs of casing, framing, displays, installation, supervision and
other services provided by PHII or PHMemo under this Section 5 shall be paid by
HOTEL JV solely from the $90 million of “Renovation Capital Expenditures”
required to be made by HOTEL JV under the Loan Agreement.”  In addition, the following sentence shall be added
to the end of Section 5.1:

“Notwithstanding anything
contained in this Agreement to the contrary, in no event shall more than ten
percent (10%) of the fair market value of THE MEMO located within the Complex
be revolving at any given time during the term of this Agreement in connection with
any Swap Outs.”

(g)           Section
16.1 is hereby deleted in its entirety and replacing it with the following new
Section 16.1:

“16.1.  All notices or other communications required
or permitted under this Agreement shall be made in writing and shall be deemed
given (a) upon delivery, if sent by (1) personal delivery, (2) courier (e.g.,
overnight delivery) or (3) certified mail, return receipt requested, postage
and registration fees prepaid and correctly addressed to the parties at the following
addresses (b) upon sending, if sent by telecopier to a party at the number
listed below for such party (with a telecopier machine or computer generated
confirmation sheet retained by the sender):

	
    

  	
  If to PHII:

  	
  Mr. Robert Earl

  
	
    

  	
  or PHMemo

  	
  Chairman and Chief Executive Officer

  
	
    

  	
   

  	
  Planet Hollywood International, Inc.

  
	
    

  	
   

  	
  7598 West Sand Lake Road

  
	
    

  	
   

  	
  Orlando, Florida 32819

  
	
    

  	
   

  	
  Telecopier: (407) 351-4511

  
	
    

  	
   

  	
   

  
	
    

  	
   

  	
  with a copy to:

  
	
    

  	
   

  	
   

  
	
    

  	
   

  	
  General Counsel

  
	
    

  	
   

  	
  Planet Hollywood International, Inc.

  
	
    

  	
   

  	
  7598 West Sand Lake Road

  
	
    

  	
   

  	
  Orlando, Florida 32819

  
	
    

  	
   

  	
  Telecopier:

  	
   

  	
   

  

 3
 

 

	
    

  	
  If to HOTEL JV:

  	
  Mr. Michael Mecca

  
	
    

  	
   

  	
  President and Chief
  Executive Officer

  
	
    

  	
   

  	
  OpBiz, LLC

  
	
    

  	
   

  	
  3667 Las Vegas Blvd. South

  
	
    

  	
   

  	
  Las Vegas, Nevada 89109

  
	
    

  	
   

  	
  Telecopier: (702) 785-5080

  
	
    

  	
   

  	
   

  
	
    

  	
   

  	
   

  
	
    

  	
  With a copy to:

  	
  Mr. Doug Teitelbaum

  
	
    

  	
   

  	
  Bay Harbour Management, LC

  
	
    

  	
   

  	
  885 Third Avenue, 34th
  Floor

  
	
    

  	
   

  	
  New York, NY 10022

  
	
    

  	
   

  	
  Telecopier: (212) 371-7497

  
	
    

  	
   

  	
   

  
	
    

  	
  With a copy to:

  	
  General Counsel

  
	
    

  	
   

  	
  OpBiz, LLC

  
	
    

  	
   

  	
  3667 Las Vegas Blvd. South

  
	
    

  	
   

  	
  Las Vegas, NV 89109

  
	
    

  	
   

  	
  Telecopier:   (702)
  785-5936

  

 

(h) Section 17.l(b) of the Agreement is hereby
amended by deleting such clause in its entirety and replacing it with “Intentionally
Omitted.”

3.  Ratification: The Agreement, as amended herein, shall
remain in full force and effect and is hereby ratified and affirmed in all
respects.

 4

WITNESS WHEREOF, the parties have hereunto signed this Amendment as of the day and year
first written herein.

	
  

  	
  PLANET HOLLYWOOD

  
	
   

  	
  INTERNATIONAL, INC,,

  
	
   

  	
  a Delaware corporation

  
	
   

  	
  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PLANET HOLLYWOOD

  
	
   

  	
  MEMORABILIA, INC.,

  
	
   

  	
  a Florida corporation

  
	
   

  	
  

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PLANET HOLLYWOOD

  
	
   

  	
  (REGION IV), INC.,

  
	
   

  	
  a Minnesota corporation

  
	
   

  	
  

  
	
   

  
	
   

  
	
   

  	
  OPBIZ, L.L.C.

  
	
   

  	
  a Nevada Limited Liability company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Donna
  Lehmonn

  
	
   

  	
  Name: Donna Lehmonn

  
	
   

  	
  Title: EVP / CFO

  
					

 

 

AMENDMENT TO  AMENDED AND RESTATED PLANET HOLLYWOOD RESORT & CASINO LICENSING AGREEMENT

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