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<SEC-DOCUMENT>0000950134-06-018767.txt : 20061006
<SEC-HEADER>0000950134-06-018767.hdr.sgml : 20061006
<ACCEPTANCE-DATETIME>20061006060125
ACCESSION NUMBER:		0000950134-06-018767
CONFORMED SUBMISSION TYPE:	8-K/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060622
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061006
DATE AS OF CHANGE:		20061006

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LAKES ENTERTAINMENT INC
		CENTRAL INDEX KEY:			0001071255
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		IRS NUMBER:				411913991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		061132368

	BUSINESS ADDRESS:	
		STREET 1:		130 CHESHIERE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305
		BUSINESS PHONE:		6124499092

	MAIL ADDRESS:	
		STREET 1:		130 CHESHIRE LANE
		CITY:			MINNETONKA
		STATE:			MN
		ZIP:			55305

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LAKES GAMING INC
		DATE OF NAME CHANGE:	19980929
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>c08884e8vkza.htm
<DESCRIPTION>AMENDMENT TO FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vkza</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K/A</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(AMENDMENT NO. 1)</B></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): October&nbsp;6, 2006 (June&nbsp;22, 2006)</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Lakes Entertainment, Inc.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-24993
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1913991</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="center" valign="top">130 Cheshire Lane, Minnetonka, Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Registrant&#146;s telephone number, including area code: (952)&nbsp;449-9092</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable<BR>
(Former name or former address, if changed since last report)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">














<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="c08884exv10w1.htm">Intercreditor and Subordination Agreement</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>










<!-- link1 "Item&nbsp;1.01. Entry into a Material Definitive Agreement" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Pokagon Band of Potawatomi Indians Financing for Four Winds Casino</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a Current Report on Form 8-K dated June&nbsp;28, 2006 (the <B>&#147;Initial Current Report</B>&#148;), Lakes
Entertainment, Inc. (&#147;<B>Lakes</B>&#148;) disclosed various contracts that Lakes&#146; subsidiary, Great Lakes
Gaming of Michigan, LLC (the &#147;<B>Manager</B>&#148;), either intended to execute, or had entered into, in
connection with The Pokagon Band of Potawatomi Indians and certain of its affiliates (the &#147;<B>Pokagon
Band</B>&#148;) closing on a $305&nbsp;million senior note financing pursuant to the terms and conditions of a
Purchase Agreement dated as of June&nbsp;22, 2006 among Banc of America Securities LLC, the Manager and
the Pokagon Band, and a $75&nbsp;million commitment for furniture, furnishings and equipment (the &#147;<B>FF&#038;E
Loan</B>&#148;) to fund the Four Winds Casino project in New Buffalo Township, Michigan. The Manager has
management and development agreements with the Pokagon Band to develop and manage the Four Winds
Casino.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the time of filing the Initial Current Report, Lakes disclosed that in connection with the
FF&#038;E Loan, the Manager intended to enter into, but had not yet agreed to final terms for, an
Intercreditor and Subordination Agreement, to be effective as of June&nbsp;22, 2006 (the &#147;<B>Intercreditor
and Subordination Agreement</B>&#148;), with Wells Fargo Bank Northwest, National Association, as collateral
agent (<B>&#147;Wells Fargo</B>&#148;), by which payment of the loans made by the Manager to the Pokagon Band and
other amounts payable by the Pokagon Band under the management and development agreements
(including management fees payable to Manager with respect to the Four Winds Casino) have been
subordinated to the payment of the FF&#038;E Loan. As of October&nbsp;2, 2006, the Manager and Wells Fargo
have finalized the terms of the Intercreditor and Subordination Agreement and have agreed that it
is effective as of June&nbsp;22, 2006. A copy of the Intercreditor and Subordination Agreement is filed
as an exhibit to this Current Report on Form 8-K/A.
</DIV>
<!-- link1 "Item&nbsp;9.01. Financial Statements and Exhibits" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01. Financial Statements and Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not Applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>Intercreditor and Subordination Agreement dated as of June&nbsp;22, 2006 between Great Lakes
Gaming of Michigan, LLC and Wells Fargo Bank Northwest, National Association, as FF&#038;E Agent.</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">LAKES ENTERTAINMENT, INC.</FONT><BR>
(Registrant)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: October&nbsp;6, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/Timothy J. Cope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Timothy J. Cope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c08884exv10w1.htm
<DESCRIPTION>INTERCREDITOR AND SUBORDINATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>EXECUTION
COPY</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTERCREDITOR AND SUBORDINATION AGREEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(FF&#038;E)</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">dated as of June&nbsp;22, 2006

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">between
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>GREAT LAKES GAMING OF MICHIGAN, LLC,</B><BR>
as lender under the Lakes Notes and as Manager of the Project
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">and
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION</B>,<BR>
as FF&#038;E Agent
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Definitions and General Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interpretation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Deferral and Subordination of Lakes Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferral and Accrual of Lakes Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Intentionally Omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination to FF&#038;E Secured Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Default on FF&#038;E Secured Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferral Not a Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuing Subordination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination of the Lakes Obligations upon Insolvency or Liquidation Proceeding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Intentionally Omitted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Judgment Liens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When Proceeds Must be Paid Over</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subrogation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>3.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">FF&#038;E Collateral, Priority of Liens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>4.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Rights and Limitation of Actions With Respect to FF&#038;E Collateral</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to Lakes Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to the FF&#038;E Secured Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notification of Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Waivers by Lakes Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Agent for Perfection</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When Proceeds Must be Paid Over</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Rights and Limitations with Respect to Amendments, Waivers and Other Actions Under Facilities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to the FF&#038;E Secured Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waivers and Deferrals of Payments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation of Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>6.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Insolvency or Liquidation Proceedings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right to File Involuntary Bankruptcy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Agreements and Consents by Lakes Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>7.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Representations and Warranties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Organization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Binding Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Consent Required</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Conflicts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Lien</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>8.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Miscellaneous Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices; Addresses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurances</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entire Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jurisdiction, Waiver of Immunity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Third Party Beneficiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legends</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trust Indenture Act</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorneys&#146; Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Intercreditor and Subordination Agreement (this <B>&#147;Agreement&#148;</B>) is dated as of June&nbsp;22, 2006
and is by and between Great Lakes Gaming of Michigan, LLC (&#147;<B>Great Lakes</B>&#148;), as lender under the
Lakes Notes (as defined below) and as Manager and Developer (each as defined below) and <B>WELLS FARGO
BANK NORTHWEST, NATIONAL ASSOCIATION</B>, as Collateral Agent (in such capacity and together with its
successors in such capacity, the <B>&#147;FF&#038;E Agent&#148;</B>) for the FF&#038;E Lenders (as defined below) .
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECITALS:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A. Project</B>. The Pokagon Gaming Authority (the <B>&#147;Borrower&#148;</B>), a wholly-owned unincorporated
instrumentality of the Pokagon Band of the Potawatomi Indians, a federally recognized Indian tribe
(the &#147;<B>Tribe</B>&#148;), is constructing and plans to own and operate the Four Winds Casino and Resort, a
casino, hotel and resort complex with related ancillary facilities, located in New Buffalo,
Michigan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B. Management Agreement</B>. Lakes Entertainment, Inc., f/k/a Lakes Gaming, Inc. (&#147;<B>Lakes</B>&#148;) and
the Tribe entered into the Management Agreement dated as of July&nbsp;8, 1999, the rights and
obligations of Lakes under which were thereafter assumed by Great Lakes pursuant to an Assignment
and Assumption Agreement dated October&nbsp;16, 2000 (as amended, the &#147;<B>Manager Assumption</B>&#148;) among the
Tribe, Lakes and Great Lakes (such Management Agreement, as amended and restated on October&nbsp;16,
2000, December&nbsp;22, 2004 and January&nbsp;25, 2006 and amended on June&nbsp;1, 2006 and as further amended
from time to time, the &#147;<B>Management Agreement</B>&#148;), pursuant to which Great Lakes as the manager (the
&#147;<B>Manager</B>&#148;) is entitled to receive a management fee in consideration of its services relating to the
management and operation of the Project and certain indemnification and other payments (the
&#147;<B>Management Agreement Obligations</B>&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C. Development Agreement. </B>Lakes and the Tribe entered into the Development Agreement dated
July&nbsp;8, 1999, the rights and obligations of Lakes under which were thereafter assumed by Great
Lakes pursuant to the Manager Assumption (such Development Agreement, as amended and restated on
October&nbsp;16, 2000, December&nbsp;22, 2004 and January&nbsp;25, 2006 and amended on June&nbsp;22, 2006 and as
further amended from time to time, and subject to the Assignment and Assumption Agreement referred
to below, the &#147;<B>Development Agreement</B>&#148;), pursuant to which Great Lakes as the developer (the
&#147;<B>Developer</B>&#148;) advanced (or has committed to advance) borrowings under the Lakes Notes to the Tribe
for the purposes described in the Development Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D. Assignment and Assumption Agreement</B>. Pursuant to an Assignment and Assumption Agreement
dated May&nbsp;25, 2006 (the &#147;Assignment and Assumption Agreement&#148;), the Tribe assigned, and the
Borrower assumed, the rights and obligations of the Tribe under the Management Agreement, the
Development Agreement and the other Transaction Documents (as defined in the Development
Agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>E. Great Lakes Obligation to Subordinate. </B>Under the Management Agreement, Great Lakes agreed
to fully subordinate its rights with respect to its Management Fee (defined in the Management
Agreement) to the FF&#038;E Agent, and under the Development
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreement, Great Lakes agreed to subordinate its rights to the Borrower&#146;s payment of certain
Obligations to the FF&#038;E Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>F. FF&#038;E Facility</B>. Concurrently herewith, the Borrower, the FF&#038;E Agent and the FF&#038;E Lenders
have entered into the FF&#038;E Facility Agreement (as defined below) pursuant to which the FF&#038;E Lenders
have agreed, subject to the terms thereof, to provide the FF&#038;E Facility to the Borrower (the &#147;<B>FF&#038;E
Facility</B>&#148;). The proceeds of the FF&#038;E Facility will be used to acquire the FF&#038;E Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>G. FF&#038;E Facility Agreement</B>. The Borrower, the FF&#038;E Agent and the Lenders have entered into
the Loan Agreement as of even date herewith (as in effect on the date hereof, the &#147;<B>FF&#038;E Facility
Agreement</B>&#148;), in order to set forth, among other things, (a)&nbsp;the mechanics for and allocation of the
Borrower&#146;s request for advances under the FF&#038;E Facility and (b)&nbsp;the conditions precedent to the
Closing Date, to the initial advance and to subsequent advances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>H. Collateral</B>. In addition to certain other collateral and security interests, the FF&#038;E
Facility is secured by a first priority lien on the FF&#038;E Collateral (as defined below).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>I. Intercreditor and Subordination Agreement</B>. The parties hereto desire to enter into this
Agreement in order to (a)&nbsp;set forth certain provisions relating to the FF&#038;E Secured Parties&#146;
respective rights in the FF&#038;E Collateral, the exercise of remedies upon the occurrence of an event
of default, the application of proceeds of enforcement and certain other matters and (b)&nbsp;set forth
certain provisions relating to the subordination of the Lakes Obligations and certain other matters
with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, with reference to the foregoing recitals and in reliance thereon, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;Definitions and General Provisions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 Definitions</B>. Unless otherwise defined herein or the context otherwise requires, terms
used in this Agreement, including its preamble and recitals, have the meanings provided in Appendix
I to the Loan Agreement. The following terms have the meanings set forth below:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Affiliate&#148; </B>has the meaning assigned to that term in the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Assignment and Assumption Agreement</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bankruptcy Law</B>&#148; means Title 11 of the United States Code entitled &#147;Bankruptcy,&#148; as now and
hereafter in effect, or any successor statute, and any other state or
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">federal insolvency, reorganization, moratorium or similar law for the relief of debtors now or
hereafter in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Borrower</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Business Day&#148; </B>has the meaning assigned to that term in the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Claims</B>&#148; means liabilities, obligations, damages, losses, demands, penalties, fines, claims,
actions, suits, judgments, settlements, utility charges, costs, fees, expenses and disbursements
(including, without limitation, legal fees and expenses and costs of investigation which, in the
case of counsel or investigators retained by an Indemnitee, shall be reasonable) of any kind and
nature whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Closing Date&#148; </B>means June&nbsp;22, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Discharge</B>&#148; means, in respect of the FF&#038;E Facility, the indefeasible satisfaction and
discharge or other satisfaction or payment in cash in full of the FF&#038;E Secured Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Event of Default</B>&#148; has the meaning assigned to that term in the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Facility&#148; </B>or &#147;<B>Facilities</B>&#148; means, as the context requires, any or all of Lakes Facility and
the FF&#038;E Facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;FF&#038;E&#148; </B>means furniture, furnishings or equipment used in the ordinary course of the business
of the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Agent</B>&#148; has the meaning given in the preamble hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Collateral</B>&#148; means Collateral as defined in the Security Agreement; <I>provided, however,</I>
that upon the release by the FF&#038;E Agent of its security interest in any portion of the FF&#038;E
Collateral, the FF&#038;E Collateral shall exclude such released FF&#038;E Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Facility</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Facility Agreement</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Financing Agreements</B>&#148; means the FF&#038;E Facility Agreement, this Agreement, the FF&#038;E
Security Documents and any other agreement, document or instrument entered into or delivered by the
Borrower or any of its Affiliates with or to the FF&#038;E Agent or the FF&#038;E Lenders in connection with
the financing of the FF&#038;E.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Lenders</B>&#148; has the meaning given in the FF&#038;E Facility Agreement.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Secured Obligations</B>&#148; means all Obligations of the Borrower to the FF&#038;E Agent and the
FF&#038;E Lenders under the FF&#038;E Facility Agreement, the FF&#038;E Security Documents and the other FF&#038;E
Financing Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Secured Parties</B>&#148; means, collectively, the FF&#038;E Lenders and the FF&#038;E Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Security Documents</B>&#148; means, collectively, the Security Agreement, any guaranties, deeds
of trust, security agreements, pledge agreements, collateral agency agreements, or collateral
account agreements or any other document creating or perfecting a Lien, security interest or other
preferential arrangement, and any related documents executed, filed, recorded or delivered from
time to time by the Borrower in respect of any FF&#038;E Secured Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Indebtedness&#148; </B>means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in respect of borrowed money;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit
(or reimbursement agreements in respect thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in respect of banker&#146;s acceptances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) representing Capital Lease Obligations (as defined in the FF&#038;E Facility Agreement)
or Attributable Debt (as defined in the FF&#038;E Facility Agreement) in respect of sale and
leaseback transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>&#147;</I></B><B>Indemnitee&#148; </B>means the FF&#038;E Agent, the FF&#038;E Lenders, and their respective affiliates,
successors, permitted assigns, permitted transferees, invitees, contractors, servants, employees,
officers, directors, shareholders, partners, participants, representatives agents and their
respective designees or nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Insolvency or Liquidation Proceeding</B>&#148; means (a)&nbsp;any case commenced by or against the Borrower
or any of its Subsidiaries under any Bankruptcy Law, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower, any
receivership or assignment for the benefit of creditors relating to the Borrower or any similar
case or proceeding relative to the Borrower or their creditors, as such, in each case whether or
not voluntary; (b)&nbsp;any liquidation, dissolution, marshalling of assets or liabilities or other
winding up of or relating to the Borrower or any of its Subsidiaries, in each case whether or not
voluntary and whether or not involving bankruptcy or insolvency; or (c)&nbsp;any other proceeding of any
type or nature in which substantially all claims of creditors of the Borrower or its Subsidiaries
are determined and any payment or distribution is or may be made on account of such claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Facility</B>&#148; has the meaning given in the recitals hereto.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Notes</B>&#148; the Lakes Development Note, the Lakes Facility Note, the Lakes Working Capital
Advance Note, the Minimum Payments Note, the Transition Loan Note and the Non-Gaming Land
Acquisition Line of Credit, each as defined in the Development Agreement and in each case as in
effect on the date of the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Obligations</B>&#148; means any present or future Obligations of the Borrower to or for the
benefit of Great Lakes or any of its Affiliates named by the Borrower pursuant to Section&nbsp;7.2 of
the FF&#038;E Facility Agreement, as each may be refinanced, assumed, transferred or replaced in
accordance with the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Parties</B>&#148; means, collectively, Great Lakes and each successor, assignee or transferee of
any portion of the Lakes Obligations, including without limitation, the holders of the Lakes
Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Transaction Documents</B>&#148; means the Management Agreement, the Development Agreement, the
Lakes Notes, the other Transaction Documents referred to in the Development Agreement, and other
documents, instruments and agreements subject to the Assignment and Assumption Agreement and any
instruments or agreements executed pursuant thereto or in connection therewith, each as from time
to time amended as permitted by the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lien</B>&#148; means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Management Agreement Obligations</B>&#148; has the meaning in the recitals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Obligations&#148; </B>means (i)&nbsp;any principal (including reimbursement obligations with respect to
letters of credit whether or not drawn), interest (including, to the extent legally permitted, all
interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the
rate, including without limitation any applicable post-default rate, specified in any Facility
agreement, even if such interest is not enforceable, allowable or allowed as a claim in such
proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other
liabilities payable under the documentation governing any Indebtedness and (ii)&nbsp;solely with respect
to the Borrower and no other Person, the Management Agreement Obligations and other Lakes
Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Project</B>&#148; has the meaning given in the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Subsidiary&#148; </B>has the meaning assigned to that term in the FF&#038;E Facility Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tribe</B>&#148; has the meaning given in the recitals hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.2 Interpretation</B>. To the extent that reference is made in this Agreement to any term
defined in, or to any other provision of, any other agreement, such term or provision shall
continue to have the original meaning thereof notwithstanding any termination, expiration or
amendment of such other agreement; <I>provided</I>, <I>however</I>, that to the extent that any
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">agreement to which all of the parties hereto are parties is amended in accordance with the
terms thereof and hereof, then any references herein to the terms and provisions of such agreement
shall be to such terms or provisions as so amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;Deferral and Subordination of Lakes Obligations</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.1 Deferral and Accrual of Lakes Obligations</B>. Each of the Lakes Parties agrees that any
Lakes Obligations (i)&nbsp;not permitted to be paid pursuant to the FF&#038;E Facility Agreement or (ii)&nbsp;the
payment of which will result in or cause an Event of Default under the FF&#038;E Facility Agreement
shall be deferred and shall accrue and may be paid only at such time as such amounts would
otherwise be permitted to be paid pursuant to the provisions of the FF&#038;E Facility Agreement (and
the payment of which shall not result or cause an Event of Default under the FF&#038;E Facility
Agreement), and none of the Lakes Parties of any portion of Lakes Obligations will ask, demand, sue
for, take or receive from the Borrower, by set-off or in any other manner, direct or indirect
payment (whether in cash or property), any such amounts or any transfer or property in payment of
or as security therefor (<I>provided </I>that any Lakes Party may ask or demand payments permitted to be
paid pursuant to this Section&nbsp;2.1, and <I>provided further </I>that each Lakes Party may make any demand,
give any notice or take any other action permitted by and in accordance with the terms of the
Management Agreement, the Development Agreement or any other Lakes Transaction Document so long as
such action is not prohibited by this Agreement and the FF&#038;E Facility Agreement). Without limiting
the generality of the foregoing, nothing in the Agreement shall limit, restrict or otherwise impair
any right of any Lakes Party to terminate the Management Agreement, the Development Agreement or
any other Lakes Transaction Document in accordance with the terms thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.2 &#091;Intentionally Omitted&#093;</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.3 Subordination to FF&#038;E Secured Obligations</B>. Notwithstanding any provision of the
Management Agreement, Development Agreement, Lakes Notes or any other agreement and instrument, all
Lakes Obligations shall be subordinate and junior in right of payment, to the extent and in the
manner set forth in this Section&nbsp;2, to the Discharge of all FF&#038;E Secured Obligations. For
avoidance of doubt, the FF&#038;E Agent agrees that, subject to the provisions of Section&nbsp;2.4, at any
time prior to the Discharge of the FF&#038;E Secured Obligations, the Borrower may make, and each Lakes
Party may receive and retain, payments with respect to the Lakes Obligations, so long as such
payments are permitted to be paid pursuant to, and will not result in or cause an Event of Default
under, the FF&#038;E Financing Agreements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.4 Default on FF&#038;E Secured Obligations. </B>In the event that any Event of Default shall occur
and be continuing with respect to the FF&#038;E Financing Agreements, or if any payment of Lakes
Obligations would create an Event of Default under the FF&#038;E Financing Agreements, unless and until
the prior Discharge of all FF&#038;E Secured Obligations, the right of Great Lakes to receive any
payments or other distributions with respect to Lakes Obligations as the case may be shall be
deferred during the continuance of such Event of Default.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.5 Deferral Not a Default. </B>Great Lakes agrees that any deferral pursuant to this Section&nbsp;2
of any Lakes Notes shall not constitute a default under the Management Agreement, Development
Agreement, Lakes Notes, or any agreement and instruments referred to
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">therein so long as the FF&#038;E Facility has not been accelerated. For avoidance of doubt, the
foregoing sentence shall not limit, restrict or otherwise impair any right of any Lakes Party to
terminate or exercise any other right or remedy under the Management Agreement, the Development
Agreement or any other Transaction Documents (as defined in the Development Agreement) in
accordance with the terms thereof, other than as a result of non-payment under the Lakes Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6 Continuing Subordination. </B>The subordination effected by this Section&nbsp;2 is a continuing
subordination and may not be modified or terminated by any Lakes Party until the prior Discharge of
all FF&#038;E Secured Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7 Subordination of the Lakes Obligations upon Insolvency or Liquidation Proceeding.</B>
Without limiting the application of Section&nbsp;6, in the event of any distribution, division or
application, partial or complete, voluntary or involuntary, by operation of law or otherwise, of
all or any part of the assets of the Borrower or the proceeds thereof to creditors of the Borrower
or upon any Indebtedness of the Borrower, by reason of the liquidation, dissolution or other
winding up, partial or complete, of the Borrower, or any Insolvency or Liquidation Proceeding, then
and in any such event:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7.1.1 </B>The holders of FF&#038;E Secured Obligations shall be entitled to receive payment in
full in cash of all such FF&#038;E Secured Obligation before the Lakes Parties shall be entitled
to receive any payment or other distributions on, or with respect to, the Lakes Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7.1.2 </B>Any payment or distribution of any kind or character, whether in cash,
securities or other property, which but for these provisions would be payable or deliverable
upon or with respect to the Lakes Obligations shall instead be paid or delivered directly to
the FF&#038;E Agent for application on the FF&#038;E Secured Obligations, whether then due or not due,
until such FF&#038;E Secured Obligations shall have first been Discharged;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7.1.3 </B>Each of the Lakes Parties hereby irrevocably authorizes and empowers the FF&#038;E
Agent, and appoints the FF&#038;E Agent as attorney-in-fact, to demand, sue for, collect and
receive every such payment or distribution and give acquittance therefor, and to file and
vote claims (in bankruptcy proceedings or otherwise) and take such other actions, in the
FF&#038;E Agent&#146;s own name or otherwise, as the FF&#038;E Agent may deem necessary or advisable for
the enforcement of these provisions. The Lakes Parties shall duly and promptly take such
action as may be reasonably requested by the FF&#038;E Agent to assist in the collection of the
Lakes Obligations for the account of any holder of the FF&#038;E Secured Obligations, and to file
appropriate proofs of claim with respect to the Lakes Obligations and to vote the same, and
to execute and deliver to the FF&#038;E Agent on demand such powers of attorney, proofs of claim,
assignments of claim or other instruments as may be reasonably requested by the FF&#038;E Agent
to enable the FF&#038;E Agent or any other holder of FF&#038;E Secured Obligations to enforce any and
all claims upon or with respect to the Lakes Obligations and to collect and receive any and
all payments or distributions which may be payable or deliverable at any time upon or with
respect to the Lakes Obligations. In addition, no Lakes Party shall take any action
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(whether oral, written or otherwise) in contravention of any action of the FF&#038;E Agent
duly taken and permitted hereunder. Such appointment as attorney-in-fact pursuant to this
Section&nbsp;2.7.1.3 is irrevocable and coupled with an interest until payment in full in cash
and complete performance of all the FF&#038;E Secured Obligations. The FF&#038;E Agent may appoint a
substitute attorney-in-fact. Each of the Lakes Parties ratifies all actions reasonably
taken by the attorney-in-fact but, nevertheless, if the FF&#038;E Agent requests, each of them
will specifically ratify any action taken by the attorney-in-fact by executing and
delivering to the attorney-in-fact or to any entity designated by the attorney-in-fact all
documents necessary to effect such ratification;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7.1.4 </B>Following any Insolvency or Liquidation Proceedings or Event of Default under
the FF&#038;E Facility Agreement, each of the Lakes Parties will forthwith deliver any direct or
indirect payment thereafter made to it upon or with respect to the Lakes Obligations prior
to the Discharge of all FF&#038;E Secured Obligations to the FF&#038;E Agent in precisely the form
received (except for the endorsement or assignment by the Lakes Parties where necessary) for
application on the FF&#038;E Secured Obligations, whether then due or not due. Until so
delivered, the payment or distribution shall be held in trust by the Lakes Parties as
property of the holders of the FF&#038;E Secured Obligations. In the event of the failure by the
Lakes Parties to make any such endorsement or assignment, the FF&#038;E Agent, or any of its
officers or employees, are hereby irrevocably authorized to make the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.8 &#091;Intentionally Omitted&#093;.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.9 Judgment Liens. </B>In the event any Lakes Party becomes a judgment Lien creditor in respect
of any assets of the Borrower as a result of its enforcement of its rights as a creditor with
respect to the Lakes Obligations such judgment Lien shall be subject to the terms of this Agreement
for all purposes (including in relation to the FF&#038;E Secured Obligations).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.10 When Proceeds Must be Paid Over</B>. Any payment received by the Lakes Parties (including,
without limitation, payments and prepayments made for application against the Lakes Obligations)
prior to the Discharge of all FF&#038;E Secured Obligations when such payment is not expressly permitted
by the terms of this Agreement or the other FF&#038;E Financing Agreements shall be held in trust for
the benefit of the holders of FF&#038;E Secured Obligations and shall be turned over to the FF&#038;E Agent
promptly upon the request of the FF&#038;E Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.11 Subrogation</B>. With respect to the value of any payments or distributions in cash,
property or other assets that any Lakes Party pays over to the FF&#038;E Agent or any of the FF&#038;E
Secured Parties under the terms of this Agreement, Great Lakes shall be subrogated to the rights of
the FF&#038;E Agent or such FF&#038;E Secured Parties; <I>provided</I>, <I>however</I>, that, the Lakes Parties hereby
agree not to assert or enforce all such rights of subrogation it may acquire as a result of any
payment hereunder until the Discharge of all FF&#038;E Secured Obligations has occurred. To the extent
permitted by applicable law, the value of any payments or distributions in cash, property or other
assets received by the Lakes Parties that are paid over to the FF&#038;E Agent or any FF&#038;E Secured Party
pursuant to this Agreement shall not reduce any of the Lakes Obligations.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;FF&#038;E Collateral, Priority of Liens.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lakes Parties hereby confirm and agree that the FF&#038;E Secured Obligations shall be secured
by a first priority lien on and security interest in the FF&#038;E Collateral notwithstanding (a)&nbsp;the
availability of any other collateral, (b)&nbsp;the execution, delivery, recording, filing or perfection
of any of the FF&#038;E Security Documents, or the order of such execution, delivery, recording, filing
or perfection or the priorities which would otherwise result therefrom, (c)&nbsp;the fact that any Lien
or security interest created by the FF&#038;E Security Documents, or any claim with respect thereto, is
or may be subordinated, avoided or disallowed in whole or in part under any Bankruptcy Law, or (d)
any other matter whatsoever. All provisions of this Agreement, including but not limited to, all
matters relating to the creation, validity, perfection, priority, subordination and release of the
Liens and security interests intended to be created by any FF&#038;E Security Document and all
provisions regarding the allocation and priority of payments with respect to any FF&#038;E Financing
Agreement shall survive any Insolvency or Liquidation Proceeding and be fully enforceable by and
against each FF&#038;E Secured Party during any such proceeding. In the event of an Insolvency or
Liquidation Proceeding, each Lakes Party further confirms and agrees that the Obligations due and
outstanding under and with respect to each FF&#038;E Financing Agreement shall include all principal,
additional advances permitted thereunder, interest, default interest, London Interbank Offered Rate
(LIBOR)&nbsp;breakage and swap breakage, post petition interest and all other amounts due thereunder,
for periods before and for periods after the commencement of any such proceedings, even if the
claim for such amounts is disallowed pursuant to applicable law, and all proceeds from the sale or
other disposition of the FF&#038;E Collateral shall be paid to the FF&#038;E Secured Parties in the order and
priority provided for in this Section&nbsp;3 notwithstanding the disallowance of any such claim or the
invalidity or subordination of any Lien on or security interest in the FF&#038;E Collateral under
applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.&nbsp;Rights and Limitation of Actions With Respect to FF&#038;E Collateral.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1 Rights and Limitations Applicable to Lakes Parties.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1.1 </B>At any time prior to the Discharge of all FF&#038;E Secured Obligations, the Lakes Parties
shall not, and shall not authorize or direct any other Person acting for them or to, exercise any
right or remedy with respect to any FF&#038;E Collateral (including any right of set-off) or take any
action to enforce, collect or realize upon any FF&#038;E Collateral, including, without limitation, any
right, remedy or action to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take possession of or control over any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise any collection rights in respect of any FF&#038;E
Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise any right of set-off against any property subject to
any Lien securing any FF&#038;E Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreclose upon any FF&#038;E Collateral or take or accept any
transfer of title in lieu of foreclosure upon any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enforce any claim to the proceeds of insurance upon any FF&#038;E
Collateral;</TD>
</TR>

</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver any notice, claim or demand relating to the FF&#038;E
Collateral to any Person (including any securities intermediary, depositary
bank or landlord) in the possession or control of any FF&#038;E Collateral or acting
as bailee, custodian or agent for any of the FF&#038;E Secured Obligations in
respect of any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise enforce any remedy available upon default for the
enforcement of any Lien upon any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver any notice or commence any proceeding for any of the
foregoing purposes;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek relief in any Insolvency or Liquidation Proceeding
permitting it to do any of the foregoing; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>retain any proceeds of accounts and other obligations
receivable paid to it directly by any account debtor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1.2 </B>Nothing in this Agreement or any other FF&#038;E Financing Agreement shall affect the
relative rights of the Lakes Parties, collectively, vis a vis creditors of the Borrower other than
the FF&#038;E Secured Parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2 Rights and Limitations Applicable to the FF&#038;E Secured Parties.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.2.1 </B>At all times until Discharge of all FF&#038;E Secured Obligations, the FF&#038;E Agent at the
direction of the FF&#038;E Lenders shall have the exclusive right to manage, perform and enforce the
terms of the FF&#038;E Security Documents with respect to all FF&#038;E Collateral and to exercise and
enforce all privileges and rights thereunder according to its discretion and exercise of its
business judgment, including, without limitation, the exclusive right to take the actions
enumerated in clauses (a)&nbsp;through (j)&nbsp;of <U>Section&nbsp;4.1.1</U>. Without limiting the generality of
the foregoing, if an Event of Default has occurred and is continuing under the FF&#038;E Facility, the
FF&#038;E Agent shall have the right to (i)&nbsp;enter the Project&#146;s real property for the purpose of
inspecting, maintaining or protecting the FF&#038;E Collateral and (ii)&nbsp;remove the FF&#038;E Collateral
(including all records and other documentation relating thereto) and take such additional steps as
are reasonably necessary or appropriate to prepare such FF&#038;E Collateral for a foreclosure sale or
other exercise of remedies with respect to such FF&#038;E Collateral under the FF&#038;E Facility Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection therewith, <I>provided </I>that each of the FF&#038;E Secured Parties acts in a commercially
reasonable manner and otherwise in accordance with applicable law, each Lakes Party waives any and
all rights to affect the method or challenge the appropriateness of any action by the FF&#038;E Secured
Parties and hereby consents to each of the FF&#038;E Secured Parties exercising or not exercising such
rights and remedies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.3 Notification of Events of Default</B>. Each party hereto hereby agrees, for the benefit of
each other party, to use its best efforts to provide written notice to each other party within 10
Business Days after obtaining actual knowledge of the occurrence or assertion of an
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Event of
Default under their respective Facilities. No party shall have any liability to the other for
failing to provide any such notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.4 Certain Waivers by Lakes Parties</B>. To the fullest extent permitted by law, the Lakes
Parties waive and agree not to assert or enforce, at any time prior to the Discharge of all FF&#038;E
Secured Obligations:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right of subrogation to the rights or interests of the FF&#038;E
Secured Parties or any claim or defense based upon impairment of any such right
of subrogation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right of marshalling accorded to a junior lienholder, as
against a priority lienholder, under equitable principles; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any statutory right of appraisal or valuation accorded to a
junior lienholder in a proceeding to foreclose a senior Lien;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in each case, that otherwise may be enforceable in respect of any Lien securing any of the Lakes
Obligations as against the FF&#038;E Secured Parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.5 Agent for Perfection</B>. Each of the Lakes Parties agrees to hold any FF&#038;E Collateral in its
respective possession, custody, or control (or in the possession, custody, or control of agents or
bailees for either, as applicable) as agent for the FF&#038;E Secured Parties solely for the purpose of
perfecting the security interest granted to each in such FF&#038;E Collateral subject to the terms and
conditions of this Section&nbsp;4.5. None of the parties hereto shall have any obligation whatsoever to
the other parties to assure that the FF&#038;E Collateral is genuine or owned by the Borrower, or to
preserve rights or benefits of any Person. The duties or responsibilities of each Lakes Party
under this Section&nbsp;4.5 are and shall be limited solely to holding or maintaining control of the
FF&#038;E Collateral as agent for the other for purposes of perfecting the Lien held by the FF&#038;E Secured
Parties. Persons acting pursuant to this Section&nbsp;4.5 are not and shall not be deemed to be
fiduciaries of any kind for any other Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.6 When Proceeds Must be Paid Over. </B>Any payment received by any Lakes Party (including,
without limitation, payments and prepayments made for application against the Lakes Obligations)
prior to the Discharge of all FF&#038;E Secured Obligations when such payment is not expressly permitted
by the terms of this Agreement shall be held in trust for the benefit of the FF&#038;E Secured Parties
and shall be turned over to the FF&#038;E Agent promptly upon the request of the FF&#038;E Agent or any other
FF&#038;E Secured Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;Rights and Limitations with Respect to Amendments, Waivers and Other Actions
Under Facilities.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1 Rights and Limitations Applicable to the FF&#038;E Secured Parties.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1.1 </B>The FF&#038;E Secured Parties may at any time and from time to time, without the consent of
or notice to any Lakes Party, without incurring any responsibility or liability to any Lakes Party
and without in any manner prejudicing, affecting or impairing the ranking or priority of the Liens
and the security interests in the FF&#038;E Collateral created by the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">FF&#038;E Security Documents or the
rights and obligations of the parties hereunder, take (or instruct the FF&#038;E Agent to take) any of
the following, subject to the provisions of <U>Section&nbsp;5.2</U>:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make loans and advances to the Borrower or issue, guaranty or
obtain letters of credit for account of the Borrower or otherwise extend credit
to the Borrower in any amount and on any terms, whether pursuant to a
commitment or as a discretionary advance and whether or not any default or
Event of Default or failure of condition is then continuing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, compromise, accelerate, extend or, subject to
<U>Section&nbsp;8.13</U>, refinance any FF&#038;E Secured Obligations or any agreement,
guaranty, Lien or obligation of the Borrower or any other Person in any manner
related thereto, or otherwise amend, supplement or
change in any manner any FF&#038;E Secured Obligations or Liens securing FF&#038;E
Secured Obligations or any such agreement, guaranty, Lien or obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase or reduce the amount of any FF&#038;E Secured Obligation or
the interest, premium, fees or other amounts payable in respect thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>release or discharge any FF&#038;E Secured Obligation or any
guaranty thereof or any agreement or obligation of the Borrower or any other
Person with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take or fail to take any first priority Lien or any other
collateral security for any FF&#038;E Secured Obligation or take or fail to take any
action which may be necessary or appropriate to ensure that any Lien securing a
FF&#038;E Secured Obligation or any other Lien upon any property is duly enforceable
or perfected or entitled to priority as against any other Lien or to ensure
that any proceeds of any property subject to any Lien are applied to the
payment of any FF&#038;E Secured Obligation or any other obligation secured thereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>release, discharge or permit the lapse of any or all Liens
securing a FF&#038;E Secured Obligation or any other Liens upon any property at any
time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise or enforce, in any manner, order or sequence, or fail
to exercise or enforce, any right or remedy against the Borrower or any
collateral security or any other Person or property in respect of any FF&#038;E
Secured Obligation or any Lien securing any FF&#038;E Secured Obligation or any
right or power under the FF&#038;E Security Documents and hereunder and apply any
payment or proceeds of collateral in any order of application; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, exchange, release, foreclose upon or otherwise deal with
any property that may at any time be subject to any Lien securing any FF&#038;E
Secured Obligation.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1.2 </B>No (a)&nbsp;exercise, delay in exercising or failure to exercise any right arising under the
FF&#038;E Security Documents or this Agreement, (b)&nbsp;act or omission of any FF&#038;E Secured Party in respect
of the Borrower or any other Person or any collateral security for any FF&#038;E Secured Obligation or
any right arising under the FF&#038;E Security Documents and hereunder, (c)&nbsp;change, impairment, or
suspension of any right or remedy of any FF&#038;E Secured Party, or (d)&nbsp;other act, failure to act,
circumstance, occurrence or event, including, without limitation, the acts listed in <U>Section
5.1.1</U>, which, but for this provision, would or could act as a release or exoneration of the
agreements or obligations of any Lakes Party hereunder shall in any way affect, decrease, diminish
or impair any of such agreements or obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 Waivers and Deferrals of Payments </B>. Any Lakes Party may, without the consent of the FF&#038;E Secured Parties, defer any payments
due under its Facility or waive any provisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3 Limitation of Liability</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3.1 </B>Except as expressly set forth herein, no party hereto will have any duty, express or
implied, fiduciary or otherwise, to any other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3.2 </B>To the maximum extent permitted by law, each Lakes Party waives any claim it may have
against any FF&#038;E Secured Party with respect to or arising out of any action or failure to act or
any error of judgment or negligence (but not gross negligence, willful misconduct or any breach of
this Agreement) on the part of any FF&#038;E Secured Party or their respective directors, officers,
employees or agents with respect to any exercise of rights or remedies in respect of the FF&#038;E
Secured Obligations or under any FF&#038;E Security Documents or any transaction relating to the FF&#038;E
Collateral. Neither any FF&#038;E Secured Party nor any of their respective directors, officers,
employees or agents will be liable for failure to demand, collect or realize upon any of the FF&#038;E
Collateral or for any delay in doing so, except to the extent arising out of breach of this
Agreement by or out of the gross negligence or willful misconduct of such FF&#038;E Secured Party or any
of their respective directors, officers, employees or agents, or will be under any obligation to
sell or otherwise dispose of any FF&#038;E Collateral upon the request of the Borrower or upon the
request of any Lakes Party or any other Person or to take any other action whatsoever with regard
to the FF&#038;E Collateral or any part thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.3.3 </B>Each party (subject to the terms and conditions of its respective Facility) shall be
responsible for keeping itself informed of the financial condition of the Borrower and its
Affiliates and all other circumstances bearing upon the risk of nonpayment of any FF&#038;E Secured
Obligations. Except as set forth in <U>Section&nbsp;4.3</U>, no FF&#038;E Secured Party shall have any duty
to advise any Lakes Party of information regarding such condition or circumstances or as to any
other matter. If any party, in its sole discretion, undertakes at any time or from time to time to
provide any such information to any other party, it shall be under no obligation to provide any
similar information on any subsequent occasion, to provide any additional information, or undertake
any investigation, or to disclose any information which, pursuant to accepted or reasonable
commercial finance practice, it wishes to maintain confidential.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;Insolvency or Liquidation Proceedings</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 Right to File Involuntary Bankruptcy</B>. Notwithstanding any other provision of this
Agreement to the contrary, any Lakes Party shall be entitled, at any time and at its sole
discretion, to initiate or join as a petitioning creditor in an involuntary Insolvency or
Liquidation Proceeding against the Borrower; <I>provided</I>, <I>however</I>, that, until the prior Discharge of
all FF&#038;E Secured Obligations,
none of the Lakes Parties shall, without the prior written consent of the FF&#038;E Agent, acting
at the direction of the FF&#038;E Lenders, initiate or join as a petitioning creditor in an involuntary
Insolvency or Liquidation Proceeding against the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2 Certain Agreements and Consents by Lakes Parties.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2.1 </B>At no time prior to the Discharge of all FF&#038;E Secured Obligations shall any Lakes Party:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request judicial relief in an Insolvency or Liquidation
Proceeding or in any other court, that would hinder, delay, limit or prohibit
the exercise or enforcement of any right or remedy otherwise available to the
holders of FF&#038;E Secured Obligations that would limit, invalidate, avoid or set
aside any Lien securing the FF&#038;E Secured Obligations or subordinate the Lien
securing the FF&#038;E Secured Obligations to the Liens securing the Lakes
Obligations or grant the Liens securing the Lakes Obligations equal ranking to
the Liens securing the FF&#038;E Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any motion for relief from the
automatic stay or from any injunction against foreclosure or enforcement of
Liens securing the FF&#038;E Secured Obligations made by any holder of FF&#038;E Secured
Obligations in any Insolvency or Liquidation Proceeding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any exercise by any holder of FF&#038;E
Secured Obligations of the right to credit bid FF&#038;E Secured Obligations at any
sale in foreclosure of Lien securing the FF&#038;E Secured Obligations; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any other request for judicial
relief made in any court by any holder of FF&#038;E Secured Obligations relating to
the enforcement of any Lien securing the FF&#038;E Secured Obligations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2.2 </B>If, in any Insolvency or Liquidation Proceeding prior to the Discharge of all FF&#038;E
Secured Obligations, the FF&#038;E Secured Parties:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order for use of cash collateral for payment of
(i)&nbsp;expenses reasonably necessary or appropriate for the conduct of the Project
or for the preservation of the FF&#038;E Collateral, or (ii)&nbsp;administrative expenses
arising in connection with the Insolvency or Liquidation Proceeding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order granting any priming Lien, replacement
Lien, cash payment or other relief on account of FF&#038;E Secured Obligations as
adequate protection (or its equivalent) for the interests of the FF&#038;E Secured
Parties in property subject to the Liens securing the FF&#038;E</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured Obligations in connection with any order for use of cash collateral;
or
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order relating to any sale of the FF&#038;E
Collateral and providing, to the extent the sale is to be free and clear of
Liens, that all such Liens shall attach to the proceeds of the sale (except
that the FF&#038;E Secured Parties need not admit, consent to or support any
valuation of the FF&#038;E Collateral alleged in support of the allowance of any
secured claim based upon the Liens securing the Lakes Obligations),</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, the Lakes Parties will not oppose or otherwise contest the entry of such order.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2.3 </B>The Lakes Parties will not assert or enforce, at any time prior to the Discharge of the
FF&#038;E Secured Obligations, any claim under &#167;506(c) of the United States Bankruptcy Code with respect
to the Liens securing the FF&#038;E Secured Obligations for costs or expenses of preserving or disposing
of any FF&#038;E Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2.4 </B>If, for purposes of valuation of the secured claims of the FF&#038;E Secured Parties in any
Insolvency or Liquidation Proceeding, the FF&#038;E Secured Parties determine, and the FF&#038;E Agent or any
other FF&#038;E Secured Party notifies any Lakes Party, that the FF&#038;E Collateral should be valued as of
any particular time in the period from the date of commencement of such Insolvency or Liquidation
Proceeding to the date of confirmation of any plan of reorganization or other dispositive
restructuring plan therein, then the Lakes Parties shall not oppose or otherwise contest that the
date as of which such secured claims should be valued is the date chosen by the FF&#038;E Secured
Parties. The Lakes Parties shall not have the right to assert the lack of adequate protection of
their Liens or the collateral securing the Lakes Obligations as a basis for opposing a motion or
other relief sought in any Insolvency or Liquidation Proceeding and approved by the FF&#038;E Secured
Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;Representations and Warranties. </B>Great Lakes represents, warrants and covenants to the FF&#038;E
Agent on behalf of the FF&#038;E Lenders as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.1 Organization. </B>It is duly organized and is validly existing under the laws of the
jurisdiction under which it was organized with full power to execute, deliver, and perform this
Agreement and consummate the transactions contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 Authorization.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All actions necessary to authorize the execution, delivery and performance of this Agreement
have been duly taken, and all such actions continue in full force and effect as of the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.3 Binding Agreement. </B>It has duly executed and delivered this Agreement and this Agreement
constitutes the legal, valid, and binding agreement of Great Lakes enforceable in accordance with
its terms and subject to (a)&nbsp;Bankruptcy Laws, and (b)&nbsp;principles of equity, which may apply
regardless of whether a proceeding is brought in law or in equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.4 No Consent Required. </B>To the best of its knowledge, no consent of any other party and no
consent, license, approval, or authorization of, or exemption by, or registration or declaration or
filing with, any governmental authority, bureau or agency is
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required in connection with the
execution, delivery, or performance of this Agreement or consummation of the transactions
contemplated by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.5 No Conflicts. </B>None of the execution, delivery, and performance of this Agreement nor the
consummation of the transactions contemplated by this Agreement will (a)&nbsp;violate or conflict with
any provision of the organizational or governing documents of Great Lakes; (b)&nbsp;to the best of its
knowledge, violate, conflict with, or result in the breach or termination of, or otherwise give any
other contracting party the right to terminate, or constitute (or with notice or lapse of time, or
both, would constitute) a default under the terms of any contract, mortgage, lease, bond,
indenture, agreement, or other instrument to which Great Lakes is a party or to which any of its
properties are subject, other than certain conflicts with the Lakes Transaction Documents, it being
acknowledged that the performance of this Agreement and the consummation of the transactions
contemplated by this Agreement may so conflict; (c)&nbsp;to the best of its knowledge, result in the
creation of any Lien, charge, encumbrance, mortgage, lease, claim, security interest, or other
right or interest upon its properties or assets pursuant to the terms of any such contract,
mortgage, lease, bond, indenture, agreement, franchise, or other instrument; (d)&nbsp;violate any
judgment, order, injunction, decree, or award of any court, arbitrator, administrative agency, or
governmental or regulatory body of which it has knowledge against, or binding upon Great Lakes or
upon any of its securities, properties, assets, or business; or (e)&nbsp;to the best of its knowledge,
constitute a violation by Great Lakes of any statute, law, or regulation that is applicable to
Great Lakes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.6 Default. </B>There exist no conditions that would constitute a default (or an event which
with notice or lapse of time, or both, would constitute a default) by Great Lakes under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.7 No Lien. </B>Great Lakes (i)&nbsp;acknowledges that neither it nor any other Lakes Party has any Lien in, to or
on the FF&#038;E Collateral, (ii)&nbsp;agrees that there are no presently effective filings or recordings
including UCC financing statements evidencing any Lien in its favor on the FF&#038;E Collateral and no
security interest granted by the Borrower to any Lakes Party shall attach to the FF&#038;E Collateral
unless and until (x)&nbsp;the FF&#038;E Facility (and any renewal, refunding, replacement, or refinancing
thereof) shall be paid in full or otherwise discharged or defeased, or (y)&nbsp;with respect to any item
of FF&#038;E Collateral, such item otherwise shall be released and no longer constitute FF&#038;E Collateral
and (iii)&nbsp;agrees that any filings and recordings reflecting any security interest that it may have
on the FF&#038;E Collateral shall be released and hereby authorizes the Collateral Agent to effect such
releases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;Miscellaneous Provisions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.1 Notices; Addresses. </B>Any communications between the parties hereto or notices herein to be
given may be given to the following addressees:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to Great Lakes:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Great Lakes Gaming of Michigan, LLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">130 Cheshire Lane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnetonka, Minnesota 55305</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-16-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (952)&nbsp;449-7064</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Timothy J. Cope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">130 Cheshire Lane</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnetonka, Minnesota 55305</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (952)&nbsp;449-9353</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Damon Schramm</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hamilton Quigley &#038; Twait, PLC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First National Bank Building, Suite&nbsp;W1450</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">332 Minesota Street</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saint Paul, Minnesota 55101</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (651)&nbsp;602-9976</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Kevin Quigley</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gray Plant Mooty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">500 I.D.S. Center</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minneapolis, Minnesota 55402</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: (651)&nbsp;632-4050</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Daniel R. Tenenbaum</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to the FF&#038;E Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Fargo Bank Northwest, National Association</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">299 South Main Street, 12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MAC U1228-120<BR>
Salt Lake City, Utah 84111</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attn: Corporate Trust Services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contact: Corporate Trust Services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phone: 801-246-5630</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Facsimile: 801-246-5053</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All notices or other communications required or permitted to be given hereunder shall be in writing
and shall be considered as properly given (a)&nbsp;if delivered in person, (b)&nbsp;if sent by reputable
overnight delivery service, (c)&nbsp;in the event overnight delivery services are not readily available,
if mailed by first class mail, postage prepaid, registered or certified with return receipt
requested or (d)&nbsp;if sent by prepaid telex, or by telecopy with correct answer back received.
Notice so given shall be effective upon receipt by the addressee, except that any communication or
notice so transmitted by telecopy or other direct written electronic means shall be deemed to have
been validly and effectively given on the day (if a Business Day and, if not, on the next following
Business Day) on which it is validly transmitted if transmitted before 4 p.m.,
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-17-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">recipient&#146;s time,
and if transmitted after that time, on the next following Business Day; <I>provided</I>, <I>however</I>, that if
any notice is tendered to an addressee and the delivery thereof is refused by such addressee, such
notice shall be effective upon such tender. Any party shall have the right to change its address
for notice hereunder to any other location by giving of no less than twenty (20)&nbsp;days&#146; notice to
the other parties in the manner set forth hereinabove.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.2 Further Assurances. </B>Each party hereto (a)&nbsp;shall deliver to each other party, such
instruments, agreements, certificates and documents as any such Person may reasonably request to
confirm the validity and priority of the Liens on and security interests in the FF&#038;E Collateral,
(b)&nbsp;shall fully cooperate with each other, and (c)&nbsp;shall perform all additional acts reasonably
requested by any such Person to effect the purposes of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.3 Waiver. </B>Any waiver, permit, consent or approval of any kind or character on the part of
any of the parties hereto of any Event of Default or other breach or default under this Agreement
or any waiver on the part of any of the parties hereto of any provision or condition of this
Agreement or any other operative document, must be in writing and shall be effective only to the
extent in such writing specifically set forth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.4 Entire Agreement. </B>As among the parties hereto, this Agreement and any agreement, document or instrument attached
hereto or referred to herein integrate all the terms and conditions mentioned herein or incidental
hereto and supersede all oral negotiations and prior writings in respect to the subject matter
hereof, all of which negotiations and writings are deemed void and of no force and effect. As
among the parties hereto, in the event of any conflict between the terms of this Agreement and the
terms of the FF&#038;E Facility Agreement, the terms of this Agreement shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.5 Governing Law. </B>This Agreement shall be governed by the laws of State of New York of the
United States of America and shall for all purposes be governed by and construed in accordance with
the laws of such state without regard to the conflict of law rules thereof other than Sections
5-1401 and 5-1402 of the New York General Obligations Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.6 Severability. </B>In case any one or more of the provisions contained in this Agreement
should be invalid, illegal or unenforceable in any respect, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby,
and the parties hereto shall enter into good faith negotiations to replace the invalid, illegal or
unenforceable provision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.7 Headings. </B>Section headings have been inserted in this Agreement as a matter of
convenience for reference only and it is agreed that such headings are not a part of this Agreement
and shall not be used in the interpretation of any provision of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.8 Consent of Jurisdiction, Waiver of Immunity. </B>Any legal action or proceeding arising out
of this Agreement may be brought in or removed to the courts of the State of New York, in and for
the County of New York, or of the United States of America for the Southern District of New York.
By execution and delivery of this Agreement, each party hereto, accepts, for its and in respect of
its property, generally and unconditionally, the jurisdiction of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-18-<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the aforesaid courts for legal
proceedings arising out of or in connection with this Agreement and Great Lakes irrevocably
consents to the appointment of CT Corporation, a woltersKluwer Company, located at 111 Eighth
Avenue, 13th Floor; New York, NY 10011; telephone: 212-590-9310; facsimile: 212-590-9190, as its
agent to receive service of process in New York, New York. Nothing herein shall affect the right
to serve process in any other manner including judicial or non-judicial foreclosure of real
property interests which are part of the FF&#038;E Collateral. Each party hereto hereby waives any
right to stay or dismiss any action or proceeding under or in connection with any or all of the
Project, this Agreement or any other operative document brought before the foregoing courts on the
basis of forum non-conveniens.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.9 Successors and Assigns. </B>The provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns; <I>provided</I>, <I>however</I>, this Agreement shall
terminate upon the Discharge of the FF&#038;E Facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.10 Counterparts. </B>This Agreement may be executed in one or more duplicate counterparts and
when signed by all of the parties hereto listed below shall constitute a single binding agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.11 No Third Party Beneficiaries. </B>Except for the FF&#038;E Lenders, the parties hereto do not
intend the benefits of this Agreement to inure to the benefit of nor shall it be enforceable by any
third party (including, without limitation, the Borrower or any of its Affiliates) nor shall this
Agreement be construed to make or render any party hereto liable to any third party (including,
without limitation, the Borrower or any of its Affiliates) for the performance or failure to
perform any obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.12 Amendments. 8.12.1 </B>Upon (a)&nbsp;any refinancing in whole or in part of any Facility or (b)
any transfer or assignment, any such new lender shall be bound by the terms of this Agreement and
parties hereto hereby agrees to execute and deliver an amendment to this Agreement with such new
lender, or an agent or trustee on its behalf, to make such Person a party hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13.2 </B>Except as otherwise set forth in Section&nbsp;8.12.1, no amendment, modification or waiver
of any of the provisions of this Agreement shall be deemed to be made unless the same shall be in a
writing signed by each party hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13 Legends</B>. Each Lakes Party (to the extent that approval is not required by the Chairman
of the National Indian Gaming Commission) agrees that each Lakes Transaction Document shall include
the following language:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&#147;Notwithstanding anything herein to the contrary, the lien and security
interest granted to the Lakes Party pursuant to this Agreement and the
exercise of any right or remedy by the Lakes Party hereunder are subject
to the provisions of the Intercreditor and Subordination Agreement, dated
as of June&nbsp;22, 2006 (as amended, restated, supplemented or otherwise
modified from time to time, the <B>&#147;Intercreditor and Subordination
Agreement&#148;</B>), between Wells Fargo Bank Northwest,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-19-<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">National Association, as
FF&#038;E Agent and Great Lakes Gaming of Michigan, LLC and certain other
persons which may be or become parties thereto or become bound thereto
from time to time. In the event of any conflict between the terms of the
Intercreditor and Subordination Agreement and this Agreement, the terms of
the Intercreditor and
Subordination Agreement shall govern and control (all defined terms having
the meanings ascribed thereto in the Intercreditor and Subordination
Agreement).&#148;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the avoidance of doubt, none of the Lakes Transaction Documents shall be required to
bear such legend, unless such documents are assigned to a third party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.14 Trust Indenture Act. </B>The parties do not intend that the provisions of this Agreement
violate the requirements of the Trust Indenture Act of 1939, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.15 Reinstatement. </B>If the payment of any amount applied to any FF&#038;E Secured Obligations is
later avoided, or rescinded (including by settlement of any claim for avoidance or rescission) or
otherwise set aside, then:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the fullest extent lawful, all claims for the payment of
such amount as FF&#038;E Secured Obligations and, to the extent securing such
claims, all such Liens under the FF&#038;E Security Documents will be reinstated and
entitled to the benefits hereof, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a Discharge of FF&#038;E Secured Obligations became effective
prior to such reinstatement, all obligations of the Lakes Parties that were
terminated as a result of such Discharge of FF&#038;E Secured Obligations shall be
concurrently reinstated to the extent such claims and Liens under the FF&#038;E
Security Documents are reinstated, beginning on such date but prospectively
only (and not retroactively), as though no FF&#038;E Secured Obligations or Liens
under the FF&#038;E Security Documents had been outstanding at any time prior to
such date and will remain effective until the claims for such amount are paid
in full in cash.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.16 Attorneys&#146; Fees</B>. Unless paid by the Borrower, the prevailing party in any dispute or
controversy hereunder shall be entitled to an award of its reasonable attorneys&#146; fees.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;SIGNATURE PAGE FOLLOWS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-20-<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF, </B>the parties hereto have caused this Agreement to be executed by their
respective officers or agents thereunto duly authorized as of the day and year first above written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>Great Lakes</U>:<BR>
<BR>
<BR>
<B>GREAT LAKES GAMING OF MICHIGAN, LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ TIMOTHY COPE
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>FF&#038;E Agent</U>:<BR>
<BR>
<BR>
<B>WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ NANCY M. DAHL
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Nancy M. Dahl&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Acknowledged by:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Borrower</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>POKAGON GAMING AUTHORITY</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ JOHN MILLER
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: John Miller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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