Exhibit 10.5
CHERRY HILL AT EL RANCHO LP
00000 Xxxxxxxx Xxxxxxxxx, Xxxxx 000
Xxxxxxxx, XX 00000
June 16, 2004
ORION CASINO CORPORATION
c/o ITG Vegas, Inc.
Xxx Xxxx 00xx Xxxxxx, Xxxxx 000
Xxxxxxx Xxxxx, XX 00000
Attention: Xx. Xxxxxxx X. Xxxxxx
Dear Xxxx:
This letter is intended to confirm our understanding with respect to (i) Orion
Casino Corporation's ("Orion") use of certain aircraft, and (ii) Cherry Hill at
El Rancho LP's ("XXXX") agreement to reimburse Orion for one-half of the costs
of the $5 million loan made to Orion which was facilitated by XXXX.
XXXX will make arrangements with Xxxxxxx Xxxxxx and/or his affiliate to allow
Orion or its designee to use one of such affiliate's aircraft for up to 64 hours
of flight time within two (2) years from the date of this letter agreement.
Orion's use of the aircraft shall not extend over more than seven (7)
consecutive days. Orion acknowledges that it has already used 21.2 hours of the
64 hours of flight time permitted hereunder.
On the date of this letter agreement, XXXX will reimburse Orion for one-half of
the costs of obtaining the $5 million loan made to Orion on February 27, 2004.
XXXX and Orion agree that XXXX'x share of such costs is $62,500.
Please indicate your agreement to the terms set forth in this letter by signing
the acceptance set forth below on two (2) copies of this letter, and please
return one fully executed copy to the undersigned.
Very truly yours,
CHERRY HILL AT EL RANCHO LP
By:
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Name:
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Title:
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ORION CASINO CORPORATION
June 16,2004
Page 2
ACCEPTED AND AGREED:
ORION CASINO CORPORATION
By:
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Name:
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Title:
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