AMENDMENT TO PLEDGE AGREEMENT
Exhibit 10.27
AMENDMENT TO PLEDGE AGREEMENT
This Amendment to Pledge Agreement (this “Amendment”), dated as of April 2, 2007 (the “Effective Date”), relates to the Pledge Agreement dated as of June 5, 2006 (the “Pledge”), among Millennium Gaming, Inc. (“Millennium”), MGIM, LLC (“MGIM” and together with Millennium, the “Pledgors”) in favor of the Lenders (as defined in the Credit Agreement (as hereinafter defined)) and Bank of America, N.A. (“Bank of America”), as Administrative Agent (the “Administrative Agent”).
This Amendment is delivered in connection with the Credit Agreement dated as of January 5, 2006 (as amended, supplemented, modified or restated from time to time, the “Credit Agreement”) among Cannery Casino Resorts, LLC, The Cannery Hotel and Casino, LLC, Nevada Palace, LLC, and Rampart Resort Management, LLC (the “Borrowers”), the Administrative Agent, the L/C Issuer, the Swing Line Lender and the Lenders (capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement or the Pledge)
Prior to the date hereof, MGIM, MGIM was the owner of 33 1/3% of the Membership Interest of CCR. As of September 22, 2006, MGIM transferred its Membership Interest in CCR to OCM AcquisitionCo, LLC (the “Additional Pledgor”), and MGIM was released as a party to the Pledge. On November 22, 2006, CCR issued additional Preferred Units to the Additional Pledgor, increasing the Additional Pledgor’s equity interest in CCR to 42%. Millennium, the Additional Pledgor and the Administrative Agent have agreed that the Additional Pledgor shall be added as a party to the Pledge and pledge its Membership Interest in CCR thereunder. The Additional Pledgor, Millennium and the Administrative Agent hereby agree as follows:
1. Amendment. The Pledge is hereby amended to add as a party, and more specifically, as a Pledgor thereunder, the Additional Pledgor. In addition:
(a) Item A of Schedule 1 of the Pledge is hereby amended in its entirety as follows:
Item A Membership Interests
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Membership Interests |
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Type of |
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% of Aggregate |
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Membership Interest |
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Membership Interests |
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Cannery Casino Resorts |
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Preferred Membership Units |
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100 |
% |
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(b) Item B of Schedule 1 to the Pledge is hereby amended in its entirety as follows:
If to Millennium Gaming, Inc.:
c/o Cannery Casino
Resorts
0000 Xxxx Xxxxxxx Xxxx
Xxx Xxxxx, Xxxxxx 00000
Attention: Xxxxxxx Xxxxxx
Attention: Xxxxxxx Xxxxxxx
Attention: Xxx Xxxxxxx
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
Electronic Mail: |
xxxxxxxx@xxxxxxxxxxxxxx.xxx |
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xxxxxxx@xxxxxxxxxxxxxx.xxx |
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xxxxxxxx@xxxxxxxxxxxxx.xxx |
with a copy to
Santoro, Driggs,
Walch, Kearney, Xxxxxxx & Xxxxxxxx
000 Xxxxx Xxxxxx Xxxxxx, Xxxxx 000
Xxx Xxxxx, Xxxxxx 00000
Attention: Xxxxxxx Xxxxxxx, Esq.
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
Electronic Mail: |
xxxxxxxx@xxxxxxxxxx.xxx |
If to OCM AcquisitionCo, LLC:
c/o Oaktree
Capital Management
OCM AcquisitionCo, LLC
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxx
Telephone: (000) 000-0000
Telecopier: (213) 830-
Electronic Mail: |
xxxxxxx@xxxxxxxxxx.xxx |
with a copy to:
Xxxxxx, Xxxxxx
& Xxxxx LLP
000 Xxxxx Xxxxx Xxxxxx, 00xx Xxxxx
Xxx Xxxxxxx, Xxxxxxxxxx 00000
Attention: Xxxx Xxxxxx
Telephone: (000) 000-0000
Telecopier: (000) 000-0000
Electronic Mail: |
xxxxxx.xxxxxx@xxx.xxx |
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2. Additional Pledgor as Pledgor. The Additional Pledgor assumes all of the obligations and liabilities of a Pledgor under the Pledge after the date hereof and agrees to be bound thereby as a Pledgor for all purposes under the Loan Documents.
3. Effectiveness. The Amendment shall become effective on the date hereof upon the execution hereof by the Additional Guarantor and the Administrative Agent and delivery hereof to the Administrative Agent.
4. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the State of Nevada, without regard to principles of conflicts of law.
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In WITNESS WHEREOF, each of the undersigned has executed and delivered this Amendment to Pledge Agreement as of the day and year first written above.
OCM ACQUISITIONCO, LLC |
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By: |
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Name: |
Xxxxxxx X. Xxxxxx |
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Title: |
Manager |
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By: |
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Name: |
Xxxxxx X. Xxxx |
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Title: |
Manager |
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MILLENNIUM GAMING, INC. |
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BANK OF AMERICA, N.A., as Administrative Agent |
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Name: |
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