FOURTH AMENDMENT TO INDENTURE
THIS FOURTH AMENDMENT TO INDENTURE (the "Fourth Amendment") is dated as of
November 24, 1998, by and among GRAND CASINOS, INC., a Minnesota corporation
(the "Issuer"), GRAND CASINOS RESORTS, INC., GRAND CASINOS OF MISSISSIPPI, INC.
- GULFPORT, GRAND CASINOS OF MISSISSIPPI, INC. - BILOXI, GRAND CASINOS BILOXI
THEATER, INC., MILLE LACS GAMING CORPORATION, GRAND CASINOS OF LOUISIANA, INC.--
TUNICA- BILOXI, GRAND CASINOS OF LOUISIANA, INC.- COUSHATTA, GCA ACQUISITION
SUBSIDIARY, INC., BL DEVELOPMENT CORP., GRAND CASINOS NEVADA I, INC., BL
RESORTS I, LLC, and GCG RESORTS I, LLC, (collectively, the "Guarantors"), GRAND
CASINOS PECHANGA, INC., GRAND CASINOS WASHINGTON, INC. and GRAND MEDIA &
ELECTRONICS DISTRIBUTING, INC. (collectively, the "New Guarantors") and FIRSTAR
BANK OF MINNESOTA, N.A., a national association, as trustee (the "Trustee").
RECITALS:
WHEREAS, the Issuer, the Guarantors and the Trustee previously entered into
that certain Indenture dated as of November 30, 1995, as amended by First
Amendment to Indenture, dated as of May 10, 1996, as amended by Second Amendment
to Indenture, dated as of September 16, 1997, and as amended by Third Amendment
to Indenture, dated September 25, 1997 (collectively, the "Indenture"),
providing for the issuance of the Issuer's 10% First Mortgage Notes due
December 1, 2003 (the "Notes"); and
WHEREAS, pursuant to Section 9.01(a)(v) of the Indenture, the Issuer, the
Guarantors and the Trustee may amend the Indenture without the consent of the
Holders of the Notes to make any change that would provide any additional rights
or benefits to the Holders of the Notes (including providing for additional Note
Guarantees pursuant to the Indenture); and
WHEREAS, pursuant to Article XI of the Indenture, the Issuer has formed
certain additional Subsidiaries identified as follows: Grand Casinos Pechanga,
Inc., a Minnesota corporation, Grand Casinos Washington, Inc., a Minnesota
corporation and Grand Media & Electronics Distributing, Inc., a Minnesota
corporation (collectively, the "New Guarantors"); and
WHEREAS, pursuant to Article XI of the Indenture, the Issuer and each
Guarantor separately, independently and respectively desire to cause each of the
New Guarantors to become "Guarantors" and to amend the Indenture to provide for
the same; and
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, each party hereto agrees as follows
for the benefit of the others and for the equal and ratable benefit of the
Holders:
-1-
Section 1. DEFINITIONS. Capitalized terms used herein and not
otherwise defined shall have the meanings ascribed in the Indenture.
Section 2. ADDITIONAL NOTE GUARANTEES. Pursuant to Section 11.02 of
the Indenture, the New Guarantors each hereby, on a senior basis, jointly and
severally unconditionally guarantees the Company's obligations under the Note,
the Indenture, and the Note Collateral Documents to the full extent specified in
Article XI of the Indenture as if such New Guarantor was a Guarantor at the time
of execution of the Indenture on November 30, 1995.
Section 3. REPRESENTATIONS AND WARRANTIES. The Issuer, the Guarantors
and the New Guarantors represent and warrant to the Trustee that this Fourth
Amendment constitutes the respective legal, valid and binding obligations of
each of said parties, enforceable in accordance with its terms (subject as to
enforcement of remedies to any applicable bankruptcy, reorganization, moratorium
or similar laws or principles of equity affecting the enforcement of creditor's
rights generally).
Section 4. ENTIRE AGREEMENT; RATIFICATION. This Fourth Amendment
represents the entire agreement between the parties and supersedes any prior
agreements or understandings with respect to the subject matter hereof. Except
as modified or supplemented in connection herewith, the Indenture shall continue
in full force and effect in accordance with its original terms.
Section 5. GOVERNING LAW. This Fourth Amendment shall be governed by
and construed in accordance with the laws of the State of New York and the
United States of America.
Section 6. COUNTERPARTS. This Fourth Amendment may be executed in any
number of counterparts, all of which taken together shall constitute one and the
same instrument. In making proof hereof, it shall not be necessary to produce
or account for any counterpart other than the one signed by the party against
which enforcement is sought.
[THE REMAINDER OF THIS PAGE HAS BEEN
INTENTIONALLY LEFT BLANK]
-2-
IN WITNESS WHEREOF, this Fourth Amendment To Indenture is executed as of
the date first above written.
ISSUER:
GRAND CASINOS, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GUARANTORS
GRAND CASINOS RESORTS, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS OF MISSISSIPPI, INC.- GULFPORT
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS OF MISSISSIPPI, INC.- BILOXI
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS BILOXI THEATER, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
MILLE LACS GAMING CORPORATION
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS OF LOUISIANA, INC.-- TUNICA-BILOXI
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS OF LOUISIANA, INC.-COUSHATTA
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GCA ACQUISITION SUBSIDIARY, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
BL DEVELOPMENT CORP.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS NEVADA I, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
BL RESORTS I, LLC
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GCG RESORTS I, LLC
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
NEW GUARANTORS
GRAND CASINOS PECHANGA, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND CASINOS WASHINGTON, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
GRAND MEDIA & ELECTRONICS DISTRIBUTING, INC.
BY: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇
---------------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇
-------------------------------------
Title: CFO
-------------------------------------
TRUSTEE
FIRSTAR BANK OF MINNESOTA, N.A.
BY: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, III
---------------------------------------------
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇, III
-------------------------------------
Title: Vice President
-------------------------------------
