Document:

Exhibit
10.1

 

EXECUTION
COPY

 

OMNIBUS AMENDMENT NO. 3 AND

APPOINTMENT AND ACCEPTANCE

 

OMNIBUS
AMENDMENT NO. 3 AND APPOINTMENT AND ACCEPTANCE, dated as of April 24, 2008
(this “Agreement”), among BANK OF AMERICA, N.A. (“Bank of America”
and, in its capacity as Administrative Agent under the Credit Agreement
referred to below, the “Resigning Agent”), WILMINGTON TRUST COMPANY (the
“New Agent”), HERBST GAMING, INC. (the “Borrower”), each Lender
under the below-referenced Credit Agreement executing a counterpart hereof and
each Subsidiary of the Borrower executing a counterpart hereof (collectively,
the “Grantors”).

 

WHEREAS, reference is made
to the Second Amended and Restated Credit Agreement, dated as of January 3,
2007, among the Borrower, a Nevada corporation, the Lenders party thereto (the “Lenders”),
Lehman Commercial Paper, Inc. and Wachovia Bank, National Association, as
Syndication Agents, U.S. Bank National Association, as Documentation Agent and
the Resigning Agent, as Administrative Agent, Swingline Lender and L/C Issuer,
as amended by Amendment No. 1 to Second Amended and Restated Credit
Agreement, dated as of August 14, 2007, and as further amended by
Amendment No. 2 to Second Amended and Restated Credit Agreement, dated as
of December 14, 2007 (as so amended, collectively, the “Credit
Agreement”);

 

WHEREAS, capitalized terms
used herein and not otherwise defined herein are used herein as defined in the
Credit Agreement;

 

NOW, THEREFORE, the
Resigning Agent, the New Agent, the Requisite Lenders and the Borrower hereby
agree as follows:

 

Article I. Agency
Succession

 

Section 1.01           Resignation.  Pursuant to the terms of Section 9.06 of
the Credit Agreement, on the Effective Date (as defined below), Bank of America
hereby resigns as Administrative Agent, Swing Line Lender, L/C Issuer (except
that Bank of America is not resigning as L/C Issuer with respect to (i) Letter
of Credit #3079183 for the benefit of Iowa Race and Gaming Commission and (ii) Letter
of Credit #3089990 for the benefit of Nevada Department of Insurance Division
of Insurance Annex Self-Insured Workers’ Compensation (collectively, the “Two
Outstanding L/C’s”)), and “Secured Party” (as such term is defined in the
Security Agreement and, wherever used herein, shall include the equivalent
capacity under any other Loan Document) under the Credit Agreement and the
other Loan Documents.

 

Section 1.02           Appointment
and Acceptance.  Effective as of the
Effective Date and subject to the terms and conditions herein, (i) the
undersigned Lenders, which constitute Requisite Lenders, hereby appoint the New
Agent as Administrative Agent and Secured Party under the Credit Agreement and
the other Loan Documents, and the Borrower hereby consents to such appointment,
(ii) the New Agent hereby accepts its appointment and assumes all of the
rights, powers, privileges, and duties of the Resigning Agent under the Credit
Agreement and the other Loan Documents, (iii) the Resigning Agent hereby
assigns to the New Agent, in its capacity as Secured Party, and the New Agent hereby
assumes, for its benefit and the benefit of the other Secured Parties, all
liens and other security interests granted to the Resigning Agent by the
Borrower and the other Grantors in its capacity as Secured Party and (iv) Bank
of America, in its capacity as Swing Line Lender and as L/C Issuer (except with
respect to the Two Outstanding L/C’s), shall be discharged from all of its
duties and obligations as a Swing Line Lender and as L/C Issuer (except with
respect to the Two Outstanding L/C’s) under the Credit Agreement and the other
Loan Documents.

 

Section 1.03           Effective
Date.

 

(a)           The
effective date of this Agreement shall be the date first above written (the

 

“Effective Date”).

 

 

(b)           As
of the Effective Date, the New Agent joins and becomes bound as a party to the
Credit Agreement and the other Loan Documents and, to the extent provided in
this Agreement and the Credit Agreement, has the rights and obligations under
the Credit Agreement and the other Loan Documents of the Resigning Agent.

 

(c)           As
of the Effective Date, the Resigning Agent relinquishes its rights as
Administrative Agent and Secured Party other than those relating to events or
circumstances occurring prior to the Effective Date and shall be released from
its obligations as Administrative Agent and Secured Party under the Credit
Agreement and each document related thereto to which the Resigning Agent is a
party or is otherwise bound, provided that the provisions set forth in
the Credit Agreement and the other Loan Documents that by their terms are to
survive termination thereof shall survive for the benefit of the Resigning
Agent.  Other than as noted in the
previous sentence, as of the Effective Date the Resigning Agent further assigns
to the New Agent its interest as Administrative Agent and Secured Party under
each Loan Document.  Notwithstanding any
amendment to the Credit Agreement after the date hereof, the provisions of Article IX
and Section 10.04 of the Credit Agreement shall continue in effect for the
benefit of the Resigning Agent, its sub agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them
prior to the date hereof and in respect of actions taken by any of them
pursuant to this Agreement.

 

Section 1.04           Representations
and Warranties of Resigning Agent. The Resigning Agent hereby represents and warrants to the New Agent
that:

 

(a)           Schedule I attached hereto is a list of all of the Loan Documents existing as of
the date hereof, together with all amendments and supplements thereto;

 

(b)           Schedule II attached hereto is a list of all Lenders and their respective
commitments as of the close of business on April 23, 2008;

 

(c)           the Resigning Agent has not received any notice
from the Borrower, any other Loan Party, any Lender or the L/C Issuer that any
Default or Event of Default has occurred and is continuing as of the Effective
Date, other than the Event of Default described in the Notice of Default Rate
delivered by the Resigning Agent to the Borrower on April 10, 2008;

 

(d)           the Resigning Agent has not entered into any
written agreement waiving any covenant or condition contained in any of the
Loan Documents except as set forth in the Loan Documents; and

 

(e)           to
the Resigning Agent’s knowledge, there is
no action, suit or proceeding pending against the Resigning Agent before any
court or Governmental Authority arising out of any action or omission by the
Resigning Agent under any of the Loan Documents.

 

Section 1.05           Covenants
of Resigning Agent. The Resigning Agent
hereby:

 

(a)           authorizes the filing of the UCC amendments set
forth on Schedule III hereto naming the New Agent as secured party (provided
that neither the Resigning Agent nor the New Agent shall be responsible for the
filing, form or content of such UCC amendments or the applicable UCC financing
statements);

 

(b)           agrees to deliver on the Effective Date to the
New Agent any notes, original stock certificates (or customary lost document
affidavits, if applicable), stock powers, instruments and other items and
Collateral that it currently holds in its capacity as Administrative Agent or
Secured Party and that were delivered to it in that capacity;

 

2

 

(c)           agrees
to execute promptly an assignment of mortgage or deed of trust (as applicable
and if reasonably necessary) with regard to each of the mortgages and deeds of
trust set forth on Schedule I (provided  that neither the Resigning Agent nor the New Agent shall be
responsible for the filing, form or content of any such assignments or the
applicable mortgages);

 

(d)           agrees to execute promptly any additional
documents that are reasonably necessary to transfer, as of record, the security
interests, financing statements and all other notices of security interests and
Liens previously filed by it in its capacity as Administrative Agent or Secured
Party, including without limitation any necessary assignments relating to
account control agreements (provided that neither the Resigning Agent
nor the New Agent shall be responsible for the form, content or filing of any
such financing statements, instruments or notices);

 

(e)           agrees to execute promptly any additional
documents that are reasonably necessary to effect the purposes hereof,
including without limitation any documents relating to any Loan Document
necessary to vest in the New Agent all of the powers and rights of the
Resigning Agent; and

 

(f)            covenants and agrees that it will promptly
deliver to the New Agent (a) a true, correct and complete copy of each of
the Loan Documents, (b) copies of all of the Resigning Agent’s books and
records concerning the Loans (including without limitation all of those books
and records that evidence the amount of principal, interest and other sums due
under the Loan Documents), (c) copies of all Assignment and
Assumptions  to date and any Assignment
and Assumption that shall be delivered to it after the date hereof and (d) such
other information and data as shall be necessary for the New Agent to establish
an Intralinks website (or substantially similar electronic transmission system)
for purposes of general communications with the parties to the Loan Documents.  In
addition, the Resigning Agent shall provide any additional information, and
shall provide such assistance, as the New Agent may reasonably require to carry
out the terms of this Agreement.

 

Section 1.06           Covenants
of the Borrower.  The Borrower hereby
agrees to execute and deliver such instruments and documents, and take such
other and further actions, as shall be reasonably requested by the New Agent to
give effect to the succession contemplated by this Agreement, including without
limitation any such actions necessary to effect the actions contemplated by Section 1.05
above.  The Borrower represents and
warrants that it has paid, or concurrently herewith will pay, all fees and
expenses of the Resigning Agent, the New Agent and the Lenders incurred
pursuant to the Loan Documents set forth on Schedule IV hereto.  Without limiting the generality of Section 10.04
of the Credit Agreement, the Borrower hereby agrees to pay and reimburse each
of the Resigning Agent and the New Agent for the reasonable out-of-pockets
costs and expenses (including without limitation reasonable fees and
disbursements of outside counsel) incurred by them in connection with this
Agreement and the succession of the Administrative Agent under the Credit
Agreement provided for herein, including all filing fees and mortgage
recordings taxes and other charges associated in connection with filing or
recording amendments to Uniform Commercial Code financing statements and any
modifications or supplements in connection therewith, and any supplemental
title insurance premiums or other charges associated with the succession of the
Administrative Agent under the Credit Agreement and the other Loan Documents.

 

Section 1.07           Further
Assurances.  The Resigning Agent
agrees that if, after the Effective Date, it shall continue to possess or
control any Collateral that can be perfected by the possession or the control
of such Collateral or of any deposit account, securities account or commodities
account in which such Collateral is held, the Resigning Agent shall be deemed
to possess or control such Collateral or account in which such Collateral is
held as a bailee or agent on behalf and for the benefit of the New Agent and
the Lenders, solely for the purpose of perfecting the Liens of the New Agent
and the Lenders.  Until such date
following the Effective Date upon which each mortgage and deed of trust set
forth on Schedule I shall be assigned to the New Agent pursuant to an
assignment of mortgage, the Resigning Agent shall act as agent for the New
Agent, and the Resigning Agent agrees to cooperate with the New Agent so that
such assignment shall be effected in a manner so as not to delay, impede or
impair any ongoing foreclosure or similar proceedings with respect to such
mortgage. The Resigning Agent agrees that if, 

 

3

 

after
the Effective Date, any consents or other conditions to appointing the New
Agent under any of the Loan Documents have not yet been received or satisfied,
the Resigning Agent will act as agent for the New Agent under such Loan
Documents until such time as such consent or condition has been received or
satisfied, respectively.

 

Section 1.08           Acknowledgement
of Requisite Lenders.  The Requisite
Lenders hereby acknowledge and agree that the New Agent has not made an
independent investigation as to the completeness or accuracy of the Schedules
attached hereto and the information contained herein or therein, and may
conclusively rely thereon for all purposes under the Credit Agreement.  The New Agent shall not be liable as
Administrative Agent or Secured Party for any actions or omissions of the
Resigning Agent on or prior to the Effective Date.  The Resigning Agent shall not be liable as
Administrative Agent or Secured Party for any actions or omissions of the New
Agent after the Effective Date.

 

Section 1.09           Counsel
and Fees of New Agent.  The Requisite
Lenders hereby (a) authorize and direct the New Agent to assume the
retention of Milbank, Tweed, Hadley & McCloy LLP and Nixon Peabody LLP
(or such other law firm(s) as the Requisite Lenders may direct from time
to time) and any necessary local counsel and (b) authorize and direct the
New Agent to assume the retention of Houlihan, Lokey, Howard & Zukin, Inc.
(“Houlihan”), as advisor, and enter into an engagement letter with
Houlihan in connection therewith.

 

Article II.               Amendments

 

Section 2.01           Credit
Agreement.  The Credit Agreement is,
effective as of the Effective Date, hereby amended as follows:

 

(a)           All
references contained in the Loan Documents to the terms “Administrative Agent”
or “Secured Party” or Bank of America acting in its capacities as “Administrative
Agent” or “Secured Party” shall now mean and hereinafter refer to Wilmington
Trust Company as Administrative Agent or Secured Party, respectively.

 

(b)           Section 1.01
(Defined Terms) of the Credit Agreement is hereby amended to add, replace and
otherwise revise (as the case may be) definitions in alphabetical order as
follows:

 

“Administrative Agent Fee
Letter” means (i) the letter agreement, dated as of the Closing Date,
among Borrower, Bank of America, N.A. and BAS relating to certain fees and (ii) the
Fee Schedule, dated as of April 24, 2008, between the Borrower and
Wilmington Trust Company.

 

“L/C Issuer” means
Bank of America, N.A. in its capacity as issuer of (i) Letter of Credit
#3079183 for the benefit of Iowa Race and Gaming Commission and (ii) Letter
of Credit #3089990 for the benefit of Nevada Department of Insurance Division
of Insurance Annex Self-Insured Workers’ Compensation, or any other Lender that
shall have agreed (with the consent of the Borrower and the Requisite Lenders)
to become an L/C Issuer hereunder, in each case together with any successor
thereof.

 

“Letter of Credit
Sublimit” means $1,141,000.

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, each Secured Swap
Contract, the Lead Arranger Fee Letter, the Administrative Agent Fee Letter,
each Guaranty, each Collateral Document and the Omnibus Amendment No. 3
and Appointment and Acceptance dated as of April 24, 2008 among Bank of
America, N.A., Wilmington Trust Company, the Borrower, the Lenders parties
thereto and the Subsidiaries of the Borrower.

 

“Swing Line Lender”
means any Lender that shall have agreed (with the consent of the Borrower and
the Requisite Lenders) to become a Swing Line Lender hereunder.

 

4

 

“Swing Line Sublimit”
means $0.

 

(c)           Section 2.04(b)(i) (Borrowings,
Conversions and Continuations of Loans) of the Credit Agreement is hereby
amended by replacing the term “Bank of America” with the term “the
Administrative Agent.”

 

(d)           Section 9.05
(Delegation of Duties) of the Credit Agreement is hereby amended by inserting “and
indemnification” immediately after “exculpatory” in the third sentence of such
section.

 

(e)           Section 9.06
(Resignation of Administrative Agent) of the Credit Agreement is hereby amended
by deleting in its entirety the second paragraph of such section.

 

(f)            Section 9.09
(Collateral and Guaranty Matters) of the Credit Agreement is hereby amended by
adding the following sentence at the end of such section:

 

“For the avoidance of doubt, the
Administrative Agent shall not be
responsible for the form, content, filing or renewal of UCC financing
statements, fixture filings, mortgages or deeds of trust.”

 

(g)           Article IX (Administrative Agent) of the
Credit Agreement is hereby amended by adding new Section 9.10 to read as
follows:

 

“9.10. Credit Agreement Controls.  Insofar as the interests of the Lenders are
concerned, in the event of any conflict between the terms of this Article IX
and any other provisions of this Agreement or any other Loan Document, with respect
to the duties, rights and obligations of the Administrative Agent, the terms of
this Article IX shall govern and control.”

 

(h)           Schedule 10.02 (Administrative Agent’s
Office; Certain Addresses for Notices) of the Credit Agreement is hereby
amended to replace the Administrative Agent’s Office with the following:

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890

Attention: James A. Hanley

Telephone: (302) 636-6453

Facsimile: (302) 636-4145

Email: jhanley@wilmingtontrust.com

 

Section 2.02           Security Agreement.  The
Security Agreement is, effective as of the Effective Date, hereby amended as
follows:

 

(a)           Section 2
(Further Assurances) of the Security Agreement is hereby amended by adding the
following sentence at the end of such section:

 

“For the avoidance of doubt, the
Administrative Agent shall not be
responsible for the form, content, filing or renewal of UCC financing
statements, fixture filings, mortgages or deeds of trust.”

 

(b)           Section 19
(Financing Statement Property Description) of the Security Agreement is hereby
amended by inserting the following sentence at the end of such section:

 

“For the avoidance of doubt, the
Administrative Agent shall not be
responsible 

 

5

 

for the form, content,
filing or renewal of UCC financing statements, fixture filings, mortgages or
deeds of trust.”

 

(c)           The
Security Agreement is hereby amended by adding a new Section 23 to read as
follows:

 

“23.  Credit Agreement.  In the event of a conflict between this
Agreement and the Credit Agreement with respect to the duties, rights and
obligations of the Secured Party, the Credit Agreement shall govern and
control.”

 

Article III.              Miscellaneous

 

Section 3.01           Governing Law; Counterparts;
Electronic Execution; Misc.  This
Agreement shall be governed, construed and interpreted in accordance with the
laws of the State of New York applicable to contracts made and to be performed
in such state and shall be subject to Section 10.16 of the Credit
Agreement.  This Agreement may be
executed in any number of counterparts and by different parties on separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same
agreement.  Delivery of an executed
counterpart of this Agreement by facsimile electronic transmission or by email
transmission of a .pdf (or similar) file format document shall be as effective
as delivery of a manually executed counterpart of this Agreement.  Except as herein provided, the Credit
Agreement (including without limitation Article IX
thereof) shall remain unchanged and in full force and effect.

 

Section 3.02           Events of Default; Reservation of
Rights.  The Borrower hereby
acknowledges that an Event of Default under the Credit Agreement has occurred
and is continuing.  By executing and
delivering this Agreement, it is understood and agreed that (i) each of
the Resigning Agent, the New Administrative Agent and the Lenders reserves all
rights, remedies and privileges under the Credit Agreement and the other Loan
Documents, at law and in equity, and (ii) nothing herein shall constitute
a waiver of any Default or Event of Default under the Credit Agreement or any
of the other Loan Documents.

 

Section 3.03           Confirmation of Guaranties.  By their signature hereto, each Grantor
hereby confirms that (i) the obligations of the Loan Parties under the
Credit Agreement as modified hereby and the other Loan Documents (x) are
entitled to the benefits of the guarantees set forth in the Guaranties and (y) constitute
“Guaranteed Obligations” (as defined in each of the Guaranties), and (ii) notwithstanding
the effectiveness of the terms hereof, each of the Guaranties is, and shall
continue to be, in full force and effect and is hereby ratified and confirmed
in all respects.

 

[Signature
pages to follow]

 

6

 

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

 

 

	
   

  	
  BANK OF AMERICA, N.A.,

  
	
   

  	
  as Resigning Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Maurice Washington

  
	
   

  	
   

  	
  Name:

  	
  Maurice Washington

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ James A. Hanley

  
	
   

  	
   

  	
  Name:

  	
  James A. Hanley

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice President

  
					

 

 

	
   

  	
  HERBST GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FLAMINGO PARADISE GAMING, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MARKET GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CARDIVAN COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CORRAL COIN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CORRAL COUNTRY COIN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
						

 

 

	
   

  	
  E-T-T
  ENTERPRISES L.L.C.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  E-T-T,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HGI –
  ST. JO, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HGI –
  LAKESIDE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HGI –
  MARK TWAIN, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  

 

 

	
   

  	
  THE
  SANDS REGENT

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ZANTE
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAST
  CHANCE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CALIFORNIA
  PROSPECTORS, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Managing Member

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PLANTATION
  INVESTMENTS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DAYTON
  GAMING, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE
  PRIMADONNA COMPANY, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Troy D. Herbst

  
	
   

  	
   

  	
  Name:

  	
  Troy D. Herbst

  
	
   

  	
   

  	
  Title:

  	
  Managing MemberExhibit 10.1

 

SCHEDULE OF BENEFITS

DANIEL C. STEVENS

April 25, 2008

 

The
concept we have agreed to is that Bank of Hawaii will
return you and Judy to your home in Kansas. 
You have agreed to help us minimize the costs.  And we will pay you $500,000 as additional
compensation.  The specifics include the
following:

 

	
  Regular
  pay and benefits for May 2008

  	
   

  	
  $

  	
  30,000

  
	
  Cash
  payment on May 30, 2008, subject to all withholding

  	
   

  	
  500,000

  
	
  Employer
  portion of health care premiums through May 2009, unless you  become insured otherwise

  	
   

  	
  10,000

  
	
  Reimbursement
  of expenses (up to the amount specified) for:

  	
   

  	
   

  
	
  Moving household goods and up to two cars

  	
   

  	
  50,000

  
	
  Temporary living expenses while goods are in
  transit

  	
   

  	
  5,000

  
	
  Airline tickets to Kansas City

  	
   

  	
  5,000

  
	
  Job counseling

  	
   

  	
  15,000

  

 

In addition, we will purchase or arrange for the purchase of your home
in Hawaii at your original purchase price, plus the improvements you identified
with a cost of $91,583.  We will retain
from the purchase price $420,000, representing the amount we advanced you for
your home in Kansas, and $1,218,750 representing the amount of your mortgage
plus interest due on your mortgage to Bank of Hawaii.  The settlement date will be July 31,
2008.  We further agree to split evenly
the net gain, if any, on the sale of your home at a value in excess of an
agreed upon amount.

 

Your contact at Bank of Hawaii for administering this matter is Jean
Hamakawa.

 

 

	
  Agreed
  to by:

  	
  /s/
  Daniel Stevens

  	
   

  	
  Daniel
  Stevens

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Judy Stevens

  	
   

  	
  Judy
  Stevens

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Allan R. Landon

  	
   

  	
  Bank
  of Hawaii

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00141-of-00352.parquet"}]]