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<SEC-DOCUMENT>0000950137-07-003513.txt : 20070308
<SEC-HEADER>0000950137-07-003513.hdr.sgml : 20070308
<ACCEPTANCE-DATETIME>20070308162133
ACCESSION NUMBER:		0000950137-07-003513
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		20
CONFORMED PERIOD OF REPORT:	20070302
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070308
DATE AS OF CHANGE:		20070308

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
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24993
		FILM NUMBER:		07681189

	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
<SEQUENCE>1
<FILENAME>c13067e8vk.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</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<BR>
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</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: 6pt"><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): March&nbsp;2, 2007</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"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(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 <BR>
of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">130 Cheshire Lane, Suite&nbsp;101, Minnetonka, Minnesota
</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" 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">(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<DIV style="width: 60%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>(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>&nbsp;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>&nbsp;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>&nbsp;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>&nbsp;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></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1.02. Termination of a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;9.01. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w1.htm">Form of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w2.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w3.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w4.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w5.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w6.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w7.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w8.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w9.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w10.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w11.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w12.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w13.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w14.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w15.htm">Certificate of Master Participation Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w16.htm">Paying Agency Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv10w17.htm">Deposit Account Control Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c13067exv99w1.htm">Press Release</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>


<!-- link2 "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">On March&nbsp;2, 2007, Lakes Entertainment, Inc. (&#147;<B>Lakes</B>&#148; or the &#147;<B>Company</B>&#148;) through its wholly-owned
subsidiary, Great Lakes Gaming of Michigan, LLC (&#147;<B>Great Lakes</B>&#148;), closed on the sale of
non-recourse, continuing, undivided participations (collectively, the &#147;<B>Loan Participations</B>&#148;) in all
of Great Lakes&#146; notes and loans in the aggregate face amount of approximately $104.2&nbsp;million
including principal of approximately $71.2&nbsp;million and accrued interest of approximately $33.0
million (collectively, the &#147;<B>Loans</B>&#148;). The Loans include:
</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third Amended and Restated Lakes Development Note dated as of January&nbsp;25, 2006 in the
principal amount of $46,000,000 issued by the Pokagon Band of Potawatomi Indians in favor
of Great Lakes.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third Amended and Restated Transition Loan Note dated as of January&nbsp;25, 2006 in the
principal amount of $12,000,000 issued by the Pokagon Band of Potawatomi Indians in favor
of Great Lakes.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third Amended and Restated Non-Gaming Land Acquisition Line of Credit Agreement dated as
of January&nbsp;25, 2006 in the principal amount of approximately $13,200,000 between the
Pokagon Band of Potawatomi Indians and Great Lakes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is
no effect on the Pokagon Band of Potawatomi Indians, the Pokagon Gaming Authority or the Four Winds Casino Resort as a result of
the Loan Participations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Loan
Participations were sold without recourse to Great Lakes to the
following institutional investors at 98% of the fully accrued amount of the Loans for a total aggregate purchase
price of approximately $102.1&nbsp;million paid in cash: President and Fellows of Harvard College,
Regiment Capital Ltd., RiverSource High Yield Bond Fund, RiverSource Income Opportunities Fund,
RiverSource Variable Portfolio &#151; High Yield Bond, RiverSource Variable Portfolio &#151; Income
Opportunities Fund, Diversified Investors High Yield Bond Fund, Plymouth County Retirement
Association, High Income Portfolio, Boston Income Portfolio, T. Rowe Price High Yield Fund, Inc.,
Bank of America, N.A. (&#147;<B>BofA</B>&#148;), Andover Capital Partners LP and Baldwin Enterprises Inc. Each
such Loan Participation was sold pursuant to the terms and conditions of a Master Participation
Agreement dated as of March&nbsp;2, 2007 and related Certificate between Great Lakes and the
participant purchasing such Loan Participation (each a &#147;<B>Participant Agreement</B>&#148; and collectively,
the &#147;<B>Participation Agreements</B>&#148;). Other than BofA, President and Fellows of Harvard College,
Regiment Capital Ltd. and T. Rowe Price High Yield Fund, Inc., none of the participants had any
material relationship with Lakes or Great Lakes or their respective directors and officers prior to
the sale of the Loan Participations. BofA, President and Fellows of
Harvard College, Regiment Capital Ltd. and T. Rowe Price High Yield
Fund, Inc. were part of the group of lenders that loaned Lakes $105
million under the terms of a Credit Agreement dated as of June&nbsp;22, 2006 among Lakes, Lakes Gaming
and Resorts, LLC, BofA and the other lenders a party to the Credit Agreement (the &#147;<B>Credit
Agreement</B>&#148;).
</DIV>


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

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<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">Under the terms of each Participation Agreement, the participant agreed, to the extent of such
participant&#146;s Loan Participation, to assume and be bound by all liabilities and obligations of
Great Lakes under the Loans and related &#147;Loan Documents&#148; (as defined in the Participation
Agreements) arising after March&nbsp;2, 2007, subject to certain limited exceptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Great Lakes may not modify the terms and conditions of the Loan Documents to the extent such
modification adversely affects any Loan without the prior written consent of each participant,
unless participants holding Loan Participations representing in the aggregate more than 50% of the
outstanding principal amount of the Loans (the &#147;<B>Required Participants</B>&#148;) have consented to such
modification. Upon receiving notice that the Pokagon Gaming Authority has failed to make a payment
required by the Loans, Great Lakes is obligated to exercise any rights and remedies against the
Pokagon Gaming Authority under the Loan Documents that the Required Participants direct in writing,
but only to the extent the exercise of such rights and remedies is not prohibited or restricted by
applicable law or other agreements relating to the Loans. The Participation Agreements also
provide that Great Lakes is obligated to pay to each participant such participant&#146;s pro rata share
of any payments it receives with respect to the Loans without deductions or set-offs of any kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Great Lakes appointed BofA as paying agent to service and administer the Loans under the terms of a
Paying Agency Agreement dated March&nbsp;2, 2007 between Great Lakes and BofA. As required by the
Participation Agreements, Great Lakes also entered into a Deposit Account Control Agreement dated
March&nbsp;2, 2007 with BofA that created a lockbox for Loan payments made by the Pokagon Gaming
Authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the proceeds from the sale of the
Loan Participations together with additional funds
previously included in a restricted interest reserve account related to the Credit Agreement, was
used to repay in full Lakes&#146; loans under the Credit Agreement, and BofA, as collateral agent,
released the security interests securing the financing facility which covered substantially all of
the material assets of Lakes and its subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Copies of the Company&#146;s material agreements relating to, and the press release announcing, the sale
of the Loan Participations are attached as exhibits to this Current Report on Form 8-K.
</DIV>

<!-- link2 "Item&nbsp;1.02. Termination of a Material Definitive Agreement." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.02. Termination of a Material Definitive Agreement.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following agreements were terminated as of March&nbsp;2, 2007 as a result of the repayment in full
of Lakes&#146; loan from BofA under the Credit Agreement using, in part, the proceeds of the sale of the
Loan Participations described in Item&nbsp;1.01:
</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Credit Agreement dated as of June&nbsp;22, 2006 among Lakes Entertainment, Inc., Lakes Gaming
and Resorts, LLC, Bank of America, N.A. and various lenders.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Security Agreement dated as of June&nbsp;22, 2006 among Lakes Entertainment, Inc. and various
subsidiaries of Lakes Entertainment, Inc. in favor of Bank of America, N.A.</TD>
</TR>

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

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



</TABLE>
</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pledge Agreement dated as of June&nbsp;22, 2006 among Lakes Entertainment, Inc. and various
subsidiaries of Lakes Entertainment, Inc. in favor Bank of America, N.A.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Continuing Guaranty dated as of June&nbsp;22, 2006 entered into by various subsidiaries of
Lakes Entertainment, Inc. in favor of Bank of America, N.A.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as
of June&nbsp;22, 2006 by Lakes Entertainment, Inc. in favor Bank of America, N.A..</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated as of June&nbsp;22, 2006 by Lakes Gaming-Mississippi, LLC (Trustor) to B. Blake Teller,
Esq. (Trustee) for the benefit of Bank of America, N.A. (Beneficiary).</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated as of June&nbsp;22, 2006 by Lakes Kean Argovitz Resorts-California, L.L.C. (Trustor) to
Fidelity National Title Insurance Company (Trustee) for the benefit of Bank of America,
N.A. (Beneficiary).</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated as of February&nbsp;15, 2006 by Lakes KAR Shingle Springs, L.L.C. (Trustor) to Fidelity
National Title Insurance Company (Trustee) for the benefit of Bank of America, N.A.
(Beneficiary).</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing
dated as of June&nbsp;22, 2006 by Lakes Shingle Springs, Inc. (Trustor) to Fidelity National
Title Insurance Company (Trustee) for the benefit of Bank of America, N.A. (Beneficiary).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the foregoing agreements, BofA and the other lenders under the Credit Agreement had
provided Lakes with a $105&nbsp;million financing facility secured by substantially all of the material
assets of Lakes and its subsidiaries, including proceeds from its management, development and
consulting agreements with Indian tribes, its real property located in California, Minnesota and
Mississippi, its deposit and security accounts, and its equity interests in subsidiaries not
involved in Indian gaming projects. Funds drawn under the Credit Agreement were subject to
interest at the rate of LIBOR plus 6.25% per annum, and were due and payable on June&nbsp;22, 2010. In
accordance with the terms of the Credit Agreement, Lakes paid a prepayment penalty in the amount of
approximately $1.1&nbsp;million which was equal to 1% of the outstanding principal balance under the
Credit Agreement plus accrued interest at the time it repaid the financing facility in full.
</DIV>

<!-- link2 "Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2.01. Completion of Acquisition or Disposition of Assets.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The discussion set forth in Item&nbsp;1.01 above is incorporated into this Item&nbsp;2.03 by this reference.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">

<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="003"></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="3%" 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="3%" 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="3%" nowrap align="left">(c)</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="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibits</TD>
</TR>

</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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Master Participation Agreement dated as of March&nbsp;2, 2007 by and between Great
Lakes Gaming of Michigan, LLC and each Loan participant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and the President and Fellows of Harvard College.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Regiment Capital Ltd.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource High Yield Bond Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Income Opportunities Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Variable Portfolio &#151; High Yield Bond.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Variable Portfolio &#151; Income
Opportunities Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Diversified Investors High Yield Bond Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Plymouth County Retirement Association.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and High Income Portfolio.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Boston Income Portfolio.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and T. Rowe Price High Yield Fund, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Andover Capital Partners LP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Baldwin Enterprises Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying Agency Agreement dated March&nbsp;2, 2007 by and between Great Lakes Gaming of
Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit Account Control Agreement dated March&nbsp;2, 2007 by and between Great Lakes
Gaming of Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Lakes Development Note dated as of January&nbsp;25, 2006
issued by the Pokagon Band of Potawatomi Indians in favor of Great Lakes Gaming of
Michigan, LLC (Incorporated herein by reference to Exhibit&nbsp;10.180 of Lakes&#146; Annual Report
on Form&nbsp;10-K for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Transition Loan Note dated as of January&nbsp;25, 2006 issued
by the Pokagon Band of Potawatomi Indians in favor of Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.174 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Non-Gaming Land Acquisition Line of Credit Agreement
dated as of January&nbsp;25, 2006 by and between the Pokagon Band of Potawatomi Indians and
Great Lakes Gaming of Michigan, LLC (Incorporated herein by reference to Exhibit&nbsp;10.179 of
Lakes&#146; Annual Report on Form&nbsp;10-K for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Management Agreement dated as of January&nbsp;25, 2006 by and
between the Pokagon Band of Potawatomi Indians and Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.170 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Development Agreement dated as of January&nbsp;25, 2006 by and
between the Pokagon Band of Potawatomi Indians and Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.171 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment dated June&nbsp;1, 2006 to the Third Amended and Restated Management
Agreement dated as of January&nbsp;25, 2006 among the Pokagon Band of Potawatomi Indians,
Pokagon Gaming Authority and Great Lakes Gaming of Michigan, LLC (Incorporated herein by
reference to Exhibit&nbsp;10.14 of Lakes&#146; Current Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment dated June&nbsp;1, 2006 to the Third Amended and Restated Development
Agreement dated as of January&nbsp;25, 2006 among the Pokagon Band of Potawatomi Indians,
Pokagon Gaming Authority and Great Lakes Gaming of Michigan, LLC (Incorporated herein by
reference to Exhibit&nbsp;10.15 of Lakes&#146; Current Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment and Assumption Agreement dated May&nbsp;25, 2006 among the Pokagon Band of
Potawatomi Indians, Pokagon Gaming Authority, Great Lakes Gaming of Michigan, LLC, Lakes
Entertainment, Inc. f/k/a Lakes Gaming, Inc., Lakes Gaming and Resorts, LLC, Pokagon
Properties, LLC and Filbert Land Development, LLC (Incorporated herein by reference to
Exhibit&nbsp;10.16 of Lakes&#146; Current Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.26
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intercreditor and Subordination Agreement dated as of June&nbsp;22, 2006 among Great
Lakes Gaming of Michigan, LLC and U.S. Bank National Association, as Trustee and
Collateral Agent (Incorporated herein by reference to Exhibit&nbsp;10.13 of Lakes&#146; Current
Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc. Press Release dated March&nbsp;5, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;&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>


<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"><FONT style="font-variant: SMALL-CAPS">LAKES ENTERTAINMENT, INC.</FONT><BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: March 8, 2007&nbsp;</TD>

<TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Timothy J. Cope
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Timothy J. Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">


<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></A></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Master Participation Agreement dated as of March&nbsp;2, 2007 by and between Great
Lakes Gaming of Michigan, LLC and each Loan participant.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and the President and Fellows of Harvard College.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Regiment Capital Ltd.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource High Yield Bond Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Income Opportunities Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Variable
Portfolio &#151; High Yield Bond.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and RiverSource Variable Portfolio &#151; Income
Opportunities Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Diversified Investors High Yield Bond Fund.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Plymouth County Retirement Association.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and High Income Portfolio.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Boston Income Portfolio.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and T. Rowe Price High Yield Fund, Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Andover Capital Partners LP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate to Master Participation Agreement dated March&nbsp;2, 2007 by and between
Great Lakes Gaming of Michigan, LLC and Baldwin Enterprises Inc.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paying Agency Agreement dated March&nbsp;2, 2007 by and between Great Lakes Gaming of
Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposit Account Control Agreement dated March&nbsp;2, 2007 by and between Great Lakes
Gaming of Michigan, LLC and Bank of America, N. A.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Lakes Development Note dated as of January&nbsp;25, 2006
issued by the Pokagon Band of Potawatomi Indians in favor of Great Lakes Gaming of
Michigan, LLC (Incorporated herein by reference to Exhibit&nbsp;10.180 of Lakes&#146; Annual Report
on Form&nbsp;10-K for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Transition Loan Note dated as of January&nbsp;25, 2006 issued
by the Pokagon Band of Potawatomi Indians in favor of Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.174 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Non-Gaming Land Acquisition Line of Credit Agreement
dated as of January&nbsp;25, 2006 by and between the Pokagon Band of Potawatomi Indians and
Great Lakes Gaming of Michigan, LLC (Incorporated herein by reference to Exhibit&nbsp;10.179 of
Lakes&#146; Annual Report on Form&nbsp;10-K for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Management Agreement dated as of January&nbsp;25, 2006 by and
between the Pokagon Band of Potawatomi Indians and Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.170 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Amended and Restated Development Agreement dated as of January&nbsp;25, 2006 by and
between the Pokagon Band of Potawatomi Indians and Great Lakes Gaming of Michigan, LLC
(Incorporated herein by reference to Exhibit&nbsp;10.171 of Lakes&#146; Annual Report on Form&nbsp;10-K
for the fiscal year ended January&nbsp;1, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment dated June&nbsp;1, 2006 to the Third Amended and Restated Management
Agreement dated as of January&nbsp;25, 2006 among the Pokagon Band of Potawatomi Indians,
Pokagon Gaming Authority and Great Lakes Gaming of Michigan, LLC (Incorporated herein by
reference to Exhibit&nbsp;10.14 of Lakes&#146; Current Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">First Amendment dated June&nbsp;1, 2006 to the Third Amended and Restated Development
Agreement dated as of January&nbsp;25, 2006 among the Pokagon Band of Potawatomi Indians,
Pokagon Gaming Authority and Great Lakes Gaming of</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michigan, LLC (Incorporated herein by reference to Exhibit&nbsp;10.15 of Lakes&#146; Current
Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment and Assumption Agreement dated May&nbsp;25, 2006 among the Pokagon Band of
Potawatomi Indians, Pokagon Gaming Authority, Great Lakes Gaming of Michigan, LLC, Lakes
Entertainment, Inc. f/k/a Lakes Gaming, Inc., Lakes Gaming and Resorts, LLC, Pokagon
Properties, LLC and Filbert Land Development, LLC (Incorporated herein by reference to
Exhibit&nbsp;10.16 of Lakes&#146; Current Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.26
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Intercreditor and Subordination Agreement dated as of June&nbsp;22, 2006 among Great
Lakes Gaming of Michigan, LLC and U.S. Bank National Association, as Trustee and
Collateral Agent (Incorporated herein by reference to Exhibit&nbsp;10.13 of Lakes&#146; Current
Report on Form&nbsp;8-K filed on June&nbsp;28, 2006).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes Entertainment, Inc. Press Release dated March&nbsp;5, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c13067exv10w1.htm
<DESCRIPTION>FORM OF MASTER PARTICIPATION 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="center" style="font-size: 10pt; margin-top: 18pt"><B>MASTER PARTICIPATION AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS MASTER PARTICIPATION AGREEMENT (this &#147;<U>Agreement</U>&#148;) dated as of the second day of
March, 2007, is made by and between GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited
liability company (the &#147;<U>Seller</U>&#148;), and&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;(the &#147;<U>Participant</U>&#148;)
(each of the Seller and the Participant, a &#147;<U>Party</U>&#148; and, collectively, the
&#147;<U>Parties</U>&#148;).
</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;WHEREAS, the Seller has made the Loans (as defined below); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Seller wishes to sell a Participation (as defined below) in the Loans to the
Participant, subject to the terms and conditions of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the mutual covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Assignment and Assumption Agreement</U>&#148; means the Assignment and Assumption Agreement
dated May&nbsp;25, 2006 among the Band, the Obligor, the Seller, Lakes, Pokagon Properties, LLC and
Filbert Land Development, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Assumed Obligations</U>&#148; shall have the meaning given to that term in Section 2(c) below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Band</U>&#148; means the Pokagon Band of Potawatomi Indians.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>BAS</U>&#148; means Banc of America Securities LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Business Day</U>&#148; means any day that is not (a)&nbsp;a Saturday, (b)&nbsp;a Sunday, or (c)&nbsp;any
other day on which commercial banks are required by law to be closed in (i)&nbsp;the State of New York,
(ii)&nbsp;the State of Michigan, (iii)&nbsp;the State of Minnesota, or (iv)&nbsp;the jurisdiction in which the
Participant&#146;s headquarters is located.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Certificate</U>&#148; shall have the meaning given to that term in Section 2(a) below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Closing Date</U>&#148; means, with respect to any Participation, the date on which the
conditions set forth in <U>Sections&nbsp;3</U> and <U>4</U> hereof are satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Development Agreement</U>&#148; means the Third Amended and Restated Development Agreement
dated as of January&nbsp;25, 2006 between the Band and the Seller, as assigned by the Band to and
assumed by the Obligor pursuant to the Assignment and Assumption Agreement, as amended by the First
Amendment to Third Amended and Restated Development Agreement
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">dated as of June&nbsp;1, 2006, all as the same may be hereafter further amended, modified,
substituted, extended or restated, from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Disqualified Holder</U>&#148; means any Holder whose ownership of interests in any Loan may,
in the reasonable judgment of the Seller&#146;s Board of Directors, result in the (a)&nbsp;disapproval,
modification, or non-renewal of any contract under which Lakes, the Seller, or any other direct or
indirect subsidiary of Lakes has sole or shared authority to develop and/or manage any gaming
operations or (b)&nbsp;failure to obtain or the loss or non-reinstatement of any license or franchise
from any governmental agency held by Lakes, the Seller, or any other direct or indirect subsidiary
to conduct any portion of its business, which license or franchise is conditioned upon such Holder
meeting certain criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Event of Default</U>&#148; means a Lakes Event of Default (as defined in the Development
Agreement), a Manager Event of Default (as defined in the Management Agreement), or a Band Event of
Default (as defined in the Development Agreement or the Management Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Holder</U>&#148; has the meaning assigned in Section&nbsp;21.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Indenture</U>&#148; means the Indenture dated as of June&nbsp;22, 2006 among the Band, Obligor,
Pokagon Properties, LLC and Filbert Land Development, LLC and U.S. Bank National Association, as
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Intercreditor Agreement</U>&#148; means the Intercreditor and Subordination Agreement dated as
of June&nbsp;22, 2006 between the Seller and U.S. Bank National Association, as Trustee and Collateral
Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Interest Rate</U>&#148; on any day means the sum of (a)&nbsp;2% plus (b)&nbsp;the interest rate that is
published in The Wall Street Journal as the &#147;prime rate&#148; on any day for which interest is to be
calculated hereunder, and any change therein shall take effect at the opening of business on the
day on which such change is published in The Wall Street Journal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Lakes</U>&#148; means Lakes Entertainment, Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loans</U>&#148; means, collectively, the Loans as specified on the Certificate, evidenced by
the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Amount</U>&#148; means, with respect to the Loans, the total face amount of the Loans as
set forth in the Loan Documents, as specified on the Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Loan Documents</U>&#148; collectively means, with respect to any Loan, the Note evidencing
such Loan and, to the extent (and only to the extent) such documents and other items govern, secure
or otherwise relate to such Loan, the Development Agreement, the Management Agreement, the
Indenture, the Intercreditor Agreement and any certificate, correspondence, report, financial
statement and/or other material document that the Seller shall receive from time to time in respect
of such Loan, all as the same may be hereafter amended, modified, substituted, extended or
restated, from time to time to the extent expressly permitted hereunder.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Management Agreement</U>&#148; means the Third Amended and Restated Management Agreement dated
as of January&nbsp;25, 2006 between the Seller and the Band, as assigned by the Band to and assumed by
the Obligor pursuant to the Assignment and Assumption Agreement, as amended by the First Amendment
to Third Amended and Restated Management Agreement dated as of June&nbsp;1, 2006, all as the same may be
hereafter further amended, modified, substituted, extended or restated, from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Notes</U>&#148; means collectively (each as assumed by the Obligor pursuant to the Assignment
and Assumption Agreement) (a)&nbsp;the Third Amended and Restated Lakes Development Note dated January
25, 2006; (b)&nbsp;the Third Amended and Restated Transition Loan Note dated January&nbsp;25, 2006; and (c)
the Third Amended and Restated Non-Gaming Land Acquisition Line of Credit Agreement dated as of
January&nbsp;25, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligor</U>&#148; means the Pokagon Gaming Authority, an unincorporated governmental component
of the Band.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligations</U>&#148; means all indebtedness, obligations and liabilities of the Obligor to
the Seller arising or incurred under the Loan Documents in respect of any of the Loans or any of
the Notes or other instruments at any time evidencing any thereof, whether or not now existing or
hereafter arising, direct or indirect, joint or several, absolute or contingent, matured or
unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law
or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participant</U>&#148; has the meaning assigned in the preamble hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participation</U>&#148; means the Participant&#146;s participation in the Loans as evidenced by a
Certificate fully executed, delivered and, if applicable, accepted by the Seller in accordance
herewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Participation Amount</U>&#148; means the amount of the Loans for which the Participant will be
responsible, as specified on each Certificate, which shall be in a principal amount of $1,000,000
or a whole multiple of $100,000 in excess thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Person</U>&#148; means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, governmental authority or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proceeds</U>&#148; means any and all cash, securities, interest, dividends and any property
which may be exchanged for, distributed or collected under or in respect of any of the foregoing
under or pursuant to the Loan Documents in connection with the Participation, including, without
limitation, any and all payments, property, distributions and fees received from any restructuring,
refinancing, reorganization or liquidation, or otherwise, and the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Pro Rata Share</U>&#148; means the fraction obtained by dividing the Participation Amount by
the Loan Amount.
</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;&#147;<U>Required Participants</U>&#148; means, as of any date of determination, participants of the
Loans holding participations representing in the aggregate more than 50% of the aggregate
outstanding principal amount of interests in the Loans on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Seller</U>&#148; has the meaning assigned in the preamble hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Seller&#146;s Interest</U>&#148; means, with respect to any Loan, any and all rights, claims
(including &#147;claims&#148; within the meaning of Section&nbsp;101(5) of the United States Bankruptcy Code) and
causes of action of the Seller (and its successors and assigns) against (a)&nbsp;the Obligor, and (b)
any other Person (and in each case their respective affiliates) that arise under, from, in, to or
in connection with the Seller&#146;s right, title and interest in such Loan and the Loan Documents from
and after the Trade Date, including, without limitation: (a)&nbsp;all principal of and accrued and
unpaid interest on any loans or reimbursement obligations and all other amounts payable to the
Seller from time to time under the Loan Documents (including without limitation, any fees, costs or
rights to payment with respect to the Loans under any indemnity provisions contained in the Loan
Documents), (b)&nbsp;any and all payments and property received by or distributions to the Seller from
and after the Trade Date (except for accrued and unpaid interest through the Closing Date), (c)&nbsp;any
and all payments, property, distributions and fees resulting from any plan, reorganization,
restructuring or liquidation of the Obligor or the Loan Documents or the obligations thereunder
distributed or collected from and after the Trade Date (directly or by set-off) and (d)&nbsp;all
Proceeds of any kind of the foregoing (received directly or by set-off) with respect to the
Seller&#146;s Interest; <U>provided</U> that, the Seller&#146;s Interest shall not include (i)&nbsp;any interests
of the Seller attributable to Seller&#146;s capacity other than as a party to the Loan Documents, or
(ii)&nbsp;any interests of the Seller attributable to Seller&#146;s capacity as such a party to the Loan
Documents to the extent such interests are unrelated to or do not arise with respect to the Loans.
For the avoidance of doubt, the Participant acknowledges and agrees that Seller&#146;s Interest does not
include, and the Participant shall have no interest in, any amounts payable to the Seller under the
Management Agreement, the Development Agreement or otherwise to the extent such amounts are
unrelated to or do not arise with respect to the Loans, such as amounts payable with respect to
management and other fees, indemnification obligations, and other loans or financial
accommodations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trade Date</U>&#148; means, with respect to any Loan, the date on which either (a)&nbsp;the
Participant executes the relevant Certificate without making any alteration thereto or (b)&nbsp;the
Seller accepts a Certificate that has been altered and executed by the Participant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Transferred Interest</U>&#148; shall have the meaning assigned to such term in <U>Section
2(a)</U> hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Participation Offer and Acceptance</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Seller, in its sole discretion and without any commitment to do so, may make an offer
to the Participant in substantially the form attached hereto as <U>Exhibit&nbsp;B</U> to sell to the
Participant, without recourse to the Seller (except as expressly set forth herein), a continuing,
undivided, irrevocable (subject to the provisions of Section&nbsp;21) participation in the Seller&#146;s
Interest in a Loan (the &#147;<U>Transferred Interest</U>&#148;). Each such participation shall be
evidenced by a Certificate executed by the Parties substantially in the form attached to this
Agreement as <U>Exhibit </U>
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>B</U> (each a &#147;<U>Certificate</U>&#148;). The Participant&#146;s Pro Rata Share of the Loan Amount
shall be specified on each Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Participant&#146;s execution and delivery of a Certificate in accordance herewith shall
constitute, without any further action by either Party, the Participant&#146;s irrevocable acceptance of
its Participation in the Loans as set forth in such Certificate. In the event that Participant
makes any change to the Certificate before delivering it to the Seller, such Certificate shall only
be deemed accepted by the Seller if the Seller expressly confirms its acceptance thereof in
writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Effective upon the Closing Date with respect to the Participation, the Participant hereby
assumes and agrees, to the extent of its Participation therein, to be bound by and perform all
liabilities and obligations of the Seller under the Loan Documents that arise, accrue or are
attributable to the period after the Closing Date in respect of the Participation (the &#147;<U>Assumed
Obligations</U>&#148;); <U>provided</U>, <U>however</U><I>, </I>the Assumed Obligations will not include, and
the Seller hereby retains and agrees to perform, any obligations and liabilities (i)&nbsp;arising under
or in connection with a breach by the Seller of its representations, warranties and covenants
contained herein, (ii)&nbsp;under the Loan Documents arising, accruing or attributable to the period
prior to the Closing Date, (iii)&nbsp;arising from the Seller&#146;s gross negligence or willful misconduct
or (iv)&nbsp;that are attributable to Seller&#146;s actions or obligations in any capacity other than as a
party to the Loan Documents or are attributable to Seller&#146;s actions or obligations as a party to
the Loan Documents but are unrelated to or not arising in connection with the Loans including
without limitation those arising pursuant to Seller&#146;s obligations under the Management Agreement or
Development Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;With respect to the Participation, the Participant&#146;s obligations under this Agreement
shall constitute absolute, irrevocable (subject to the provisions of Section&nbsp;21), unconditional and
continuing obligations and are irrespective of (i)&nbsp;any invalidity, unenforceability, repudiation or
insufficiency of any Loan or any of the Loan Documents, (ii)&nbsp;subject to the provisions of Section
16 below, any change to any Loan or Loan Documents, (iii)&nbsp;any force majeure affecting the
performance by the Obligor of its obligations under any Loan Documents, (iv)&nbsp;any default by,
insolvency of, moratorium or suspension of payments or similar arrangements or circumstances in
respect of the Obligor, (v)&nbsp;subject to the provisions of Section&nbsp;16 below, any rescheduling,
refinancing, reduction, redenomination, subordination, release of collateral, or other change to
any Loan in each case pursuant to any event or circumstance imposed on the Seller, (vi)&nbsp;subject to
the provisions of Section&nbsp;16 below, any requirement that the Seller take action against the Obligor
with respect to any Loan, and (vii)&nbsp;subject to the provisions of Section&nbsp;16 below, any other
circumstances or occurrence affecting any Loan or the Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Participation is acquired by the Participant without recourse (except as expressly set
forth herein) to the Seller and for the Participant&#146;s own account and risk.
</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;3.&nbsp;<U>Conditions to Seller&#146;s Obligations</U>. The Seller&#146;s obligations under <U>Section
2</U> hereof with respect to the Participation are subject to the satisfaction or the Seller&#146;s
written waiver of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the representations and warranties of the Participant herein shall be true and correct in
all material respects on the Closing Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Participant shall have performed all of its obligations hereunder to be performed or
completed by it on or before the Closing Date, if any;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Seller shall have (i)&nbsp;received this Agreement and the relevant Certificate, duly
executed on behalf of the Participant, on or before the Closing Date, and (ii)&nbsp;if applicable under
<U>Section&nbsp;2(b)</U> hereof, shall have accepted such Certificate in writing; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;contemporaneously with the sale of the Participation, other participations in the Loans
shall be sold so as to effect the sale of participations in 100% of the aggregate Loan Amount of
the Loans on terms no more favorable than those provided in this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Conditions to the Participant&#146;s Obligations</U>. The Participant&#146;s obligations under
<U>Section&nbsp;2</U> hereof with respect to the Participation are subject to the satisfaction by the
Seller or the Participant&#146;s written waiver of the following conditions:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the representations and warranties of the Seller herein shall be true and correct in all
material respects on the Closing Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Seller shall have performed all of its obligations hereunder to be performed or
completed by it on or before the Closing Date; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Participant shall have received this Agreement and the relevant Certificate duly
executed on behalf of the Seller duly delivered, on or before the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Participation</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the satisfaction by the Seller or the Participant&#146;s written waiver of the
conditions set forth in <U>Section&nbsp;4</U> hereof, the Participant shall pay to the Seller the
Participant&#146;s Pro Rata Share of the Loan Amount with respect to the Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Obligor Default</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or after receiving notice that Obligor has failed to make payment as required with respect
to any Loan, the Seller shall, to the extent not prohibited by the Intercreditor Agreement or the
Indenture, exercise any rights and remedies against the Obligor under the Loan Documents in
accordance with the written direction of the Required Participants. The Participant shall
indemnify and hold harmless (to the extent of its Pro Rata Share of the Loan Amount) the Seller
from and against all losses, damages, liabilities, reasonable costs and expenses as incurred
(including, without limitation, attorneys&#146; fees) which the Seller incurs in connection with such
exercise of rights and remedies to the extent Seller has received written direction from the
</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 Participants, with respect to any such exercise, and otherwise with Seller&#146;s efforts to
collect payment from the Obligor (except for such losses, liabilities, costs and expenses which
have been arisen out of Seller&#146;s actual bad faith, willful misconduct or gross negligence).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Representations, Warranties and Agreements of the Seller</U>. With respect to the
Participation, the Seller represents and warrants to, and agrees with, the Participant on and as of
the Closing Date that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;it has made no prior assignment, conveyance, transfer or grant of a participation interest
in the Transferred Interest or of any interest therein and has no obligation to do so;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Seller is the sole legal and beneficial owner of the Transferred Interest, and it has
good title to the Transferred Interest, free and clear of all liens and encumbrances of any kind
except for liens that will be released in connection with and contemporaneously with the sale of
the Participation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Seller is duly organized and validly existing in good standing under the laws of its
jurisdiction of formation, and has full power and authority to execute and deliver this Agreement
and all other documents executed in connection herewith, and to consummate the sale of a
Participation as contemplated hereby and thereby and no consents, approvals or registrations, other
than those already obtained, are required in connection with the sale hereunder and the
consummation of the transaction contemplated hereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;this Agreement and any documents to be executed in connection herewith have been duly
authorized by it, are valid, binding and enforceable against it in accordance with their respective
terms except as the enforceability thereof may be limited by applicable bankruptcy or insolvency
laws or by a court&#146;s exercise of its equitable powers, and are not in contravention of (i)&nbsp;any law,
rule, regulation or agreement by which the Seller or any of its assets are bound, other than any
agreement which governs or secures indebtedness of the Seller that will be repaid in full in
connection with and contemporaneously with the sale of the Participation or (ii)&nbsp;the Seller&#146;s
organizational documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;it is a sophisticated seller with respect to the Participation, has adequate information
concerning the business and financial condition of the Obligor to make an informed decision
regarding the sale of the Participation, and has independently, without reliance upon the
Participant and based on such information as it deemed appropriate, made its own analysis and
decision to enter into this Agreement and the Seller acknowledges and agrees that the Participant
may possess material information with respect to the Obligor not known to the Seller
(&#147;<U>Purchaser Information</U>&#148;), that the Seller has not requested the Purchaser Information and
that the Participant shall have no liability to the Seller with respect to the non-disclosure of
the Purchaser Information and the Seller hereby releases the Participant therefrom;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;notwithstanding the terms of <U>Section&nbsp;8(c)</U> hereof, none of the Seller Information
(as defined therein) contradicts or is inconsistent with any representation or warranty made by the
Seller in this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;as of such Closing Date, the Participation consists of the amounts as set forth on
</DIV>

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;as of such Closing Date, each of the Seller and, to the Seller&#146;s knowledge, the Obligor is
in compliance in all material respects with the Development Agreement and the Management Agreement
and no Event of Default by the Seller (or, to the Seller&#146;s knowledge, by the Obligor) has occurred
or is continuing with respect to the Development Agreement and the Management Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Seller has made available to the Participant on IntraLinks a true, correct and
complete copy of all of the Notes and the Loan Documents, in each case, as in effect on the date
hereof;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;so long as any principal of or interest on any Loan (whether or not due) shall remain
unpaid, the Seller shall not, unless the Required Participants shall otherwise consent in writing
(i)&nbsp;create, incur, assume or suffer to exist any security interest or other lien upon or with
respect to the Loans or the Loan Documents or (ii)&nbsp;create, incur, assume, guarantee or suffer to
exist, or otherwise become or remain liable with respect to any indebtedness other than the Loans,
except in each case to the extent reasonably required in connection with and in the ordinary course
of the Seller&#146;s business, the Seller&#146;s incurrence of trade indebtedness, incurrence of obligations
under operating leases, endorsement of negotiable instruments for deposit or collection, and
similar transactions provided that such indebtedness shall not exceed an aggregate amount of
$5,000,000 outstanding at any one time (provided, however, that nothing in this Section 7(j) shall
be deemed to prohibit, limit or otherwise restrict the Seller&#146;s performance of its obligations
under the Development Agreement or the Management Agreement or of any act described in this Section
7(j) in connection with such performance);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;no interest in the Participation is being sold by or on behalf of an &#147;employee benefit
plan&#148; (as defined in the Employee Retirement Income Security Act of 1974, as amended, and the rules
and regulations promulgated under it, &#147;<U>ERISA</U>&#148;) or constitutes directly or indirectly &#147;Plan
Assets&#148; as defined in ERISA; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;within 30&nbsp;days after the Closing Date, Seller shall have (i)&nbsp;appointed an agent pursuant
to Section 9(a) for the purposes of servicing and administering the Loans, (ii)&nbsp;directed such agent
to create and maintain a lockbox or similar arrangement pursuant to Section&nbsp;9(b)(viii), (iii)&nbsp;duly
notified and directed Obligor to make payments therein, and (iv)&nbsp;delivered to the Participant an
executed copy of the agreement evidencing such arrangement (which agreement shall be in a form
substantially similar to the form provided to the Participant by the Seller prior to the Closing
Date).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>Representations, Warranties, Acknowledgements and Agreements of the Participant</U>.
With respect to the Participation, the Participant represents and warrants to, and acknowledges and
agrees with, the Seller on and as of the Closing Date that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;it is duly organized and validly existing in good standing under the laws of its
jurisdiction of formation, and has full power and authority to execute and deliver this Agreement
and all other documents executed in connection herewith, and to consummate the purchase of the
Participation contemplated hereby, and no consents, approvals or registrations are required in
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">connection with its purchase of the Participation hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;this Agreement and any documents to be executed and delivered in connection herewith have
been duly authorized by it, are valid, binding and enforceable against it in accordance with their
respective terms except as the enforceability thereof may be limited by applicable bankruptcy or
insolvency laws or by a court&#146;s exercise of its equitable powers, and are not in contravention of
(i)&nbsp;any law, rule, regulation or agreement by which the Participant or any of its assets are bound
or (ii)&nbsp;the Participant&#146;s organizational documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;it is a sophisticated buyer with respect to the Participation, has adequate information
concerning the business and financial condition of the Obligor and the Seller to make an informed
decision regarding the purchase of the Participation, and has independently, without reliance on
the Seller and based on such information as it deemed appropriate, made its own analysis and
decision to enter into this Agreement and the Participant acknowledges and agrees that the Seller
may possess material information with respect to the Obligor and the Seller not known to the
Participant (&#147;<U>Seller Information</U>&#148;), that the Participant has not requested the Seller
Information and that the Seller shall have no liability to the Participant with respect to the
nondisclosure of the Seller Information and the Participant hereby releases the Seller therefrom;
<I>furthermore</I>, it acknowledges that it understands that, as described in Section&nbsp;12.2 of the
Development Agreement and Section&nbsp;11 of the Management Agreement, the Obligor might not be
obligated to perform its obligations under the respective agreements (including the Loans) if an
event of default by the Seller occurs under either agreement and that, in circumstances as provided
in Section&nbsp;9.2.1(j) of the Development Agreement, the security interests securing the Loans may be
required to be released or the payment of the Loans and the security interests securing the Loans
may be required to be further subordinated<B>;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;notwithstanding the terms of <U>Section&nbsp;7(e)</U> hereof, none of the Purchaser
Information contradicts or is inconsistent with any representation or warranty made by the
Participant in this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;it is not subject to withholding tax on payments under this Agreement and agrees to
provide any documentation required by U.S. law or regulation or by the Seller to establish that it
is exempt from U.S. withholding tax;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;it acknowledges and agrees that none of BAS or any of its agents or affiliates has given
any investment advice or rendered any opinion to you as to whether an investment in the
Participation is prudent or suitable, and the Participant is not relying on any representation or
warranty by BAS or any of its agents or affiliates;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;it acknowledges and agrees that none of BAS or any of its agents or affiliates has
provided, and will not be providing, the Participant with any material regarding the Loans, the
Seller or the Obligor other than the Confidential Information Memorandum, dated January, 2007, for
which BAS takes no responsibility. The Participant acknowledges that BAS is not responsible for
the contents of that document. The Participant has not requested BAS or any of its agents or
affiliates to provide it with any other information. In addition, the Participant acknowledges
that BAS may facilitate the exchange of information between it and the Seller, but
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">that such information is not being provided by BAS. The Participant also acknowledges that
the Seller (i)&nbsp;is offering it the opportunity to ask questions and receive answers from the Seller
or persons acting on behalf of the Seller (other than BAS), (ii)&nbsp;has made available to it copies of
all existing Loan Documents, (iii)&nbsp;is offering to furnish it with all other materials that it
considers relevant to an investment in the Loans, and (iv)&nbsp;is offering to give it the opportunity
to fully perform its own due diligence;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Participant acknowledges and agrees that in making its decision to purchase the
Participation, it has not relied on any investigation that BAS, or any person acting on its behalf,
may have conducted with respect to the Loans, the Seller or the Obligor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;it acknowledges and agrees that BAS and its agents and affiliates may possess material
non-public information not known to it regarding or relating to the Loans, the Seller or the
Obligor, including, but not limited to, information concerning the business, financial condition,
results of operations, prospects or plans of the Seller. The Participant acknowledges that none of
BAS or any of its agents or affiliates has disclosed any material, non-public information to it and
it has not requested that any such information be disclosed; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;it hereby expressly releases BAS and its affiliates, and their respective officers,
employees, agents and controlling persons from any and all liabilities arising from in or in
connection with an investment in the Participation (including, without limitation, with respect to
the accuracy of information or the failure to disclose information) or any other transaction it may
undertake with respect to the Loans or the Seller, and it hereby agrees to make no claim (and it
hereby waives and releases all claims that it may otherwise have) with respect to such investment
in the Loans or other transaction, whether before or after the date of this letter, against BAS,
its affiliates and their respective officers, employees, agents and controlling persons in respect
of the Loans, the Seller, the Obligor and related transactions (including, without limitation, with
respect to the accuracy of information or the failure to disclose information). The Participant
hereby agrees that the release and waiver contained in this paragraph is unconditional and
irrevocable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Responsibilities of the Seller</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Seller shall be entitled to appoint an agent for purposes of servicing and administration
of the Loans, and the Participant irrevocably authorizes each such agent, in such capacity, to take
such action on its behalf under the Loan Documents and to exercise such powers and perform such
duties as are expressly delegated to such agent, together with such other powers as are reasonably
incidental thereto. As to any matter not provided for herein, the Seller or its agent so appointed
shall be fully protected in exercising any discretion or taking any action consistent with this
Agreement. Notwithstanding any provision to the contrary elsewhere in this Agreement, neither the
Seller nor its agent shall have any duties or responsibilities except those expressly set forth
herein, nor any fiduciary relationship with the Participant, and no implied covenants, functions,
responsibilities, duties, obligations or liabilities shall be read into this Agreement or shall
otherwise exist against the Seller or its agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Seller shall have the following specific powers and duties:
</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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Seller shall hold all of the Loan Documents in its possession for the benefit
of the Participant. The Seller shall furnish to the Participant (A)&nbsp;copies of the Loan
Documents, as amended from time to time, and any other agreements between the Seller and the
Obligor or any other obligor executed and delivered in connection with the Loan Documents,
(B)&nbsp;copies of all notices delivered to the Seller as required by the Loan Documents, and (C)
copies of all financial statements required to be furnished by the Obligor pursuant to the
Loan Documents which are received by the Seller.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Seller shall have the right to collect the entire interest due and all
payments of principal, together with any and all other amounts due on or in connection with
the Loans. With respect to items of interest, principal and fees, the Seller shall promptly
account for and pay to the Participant, as and when the Seller shall receive the same, the
Participant&#146;s Pro Rata Share thereof (but in no event later than one Business Day following
receipt).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Seller shall use due diligence to recover from the Obligor or any other party
liable therefore all expenses properly incurred which are reimbursable from the Obligor or
such other party under the Loan Documents, and is hereby authorized to retain legal counsel,
and the services of accountants and other professionals. In addition to its indemnification
obligations under Section&nbsp;6 with respect to the enforcement and collection of the Loans, the
Participant shall indemnify and hold harmless (to the extent of its Pro Rata Share of the
Loan Amount) the Seller from and against all losses, damages, liabilities, reasonable costs
and expenses as incurred (including without limitation, attorneys&#146; fees) which the Seller
incurs in connection with the administration of the Loans (except for such losses,
liabilities, costs and expenses which have been arisen out of Seller&#146;s actual bad faith,
willful misconduct or gross negligence).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Seller shall keep at all times proper books of account and records reflecting
the respective interests of the Participant and the Seller in the Loans, which records shall
be made accessible for inspection by the Participant at reasonable times during normal
business hours.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Seller agrees, to the extent that the Seller has actual knowledge thereof, to
give the Participant prompt written notification, by certified mail return receipt
requested, of the occurrence of any (a)&nbsp;default under the Loans or (b)&nbsp;Event of Default
under the Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) All payments made by either party hereto shall be made by wire transfer in
immediately available federal funds, unless otherwise agreed by the parties hereto.
The Seller shall notify the Participant of any amendment, modifications, extensions or
renewals to any of the Loan Documents for which the prior written consent of the Participant
is not required under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Except as otherwise provided in Section&nbsp;16 below, the Seller shall have the
exclusive right, in its sole discretion, without prior notice to the Participant, to: (a)
</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%">agree to any modification of any of the terms of the Loan Documents or any other agreement
or instrument evidencing or securing the Obligations; (b)&nbsp;waive any such terms (including
without limitation, waive any default or event of default or waive any claim against the
Obligor) or give or withhold consents or approvals to any actions or failure to act by the
Obligor; (c)&nbsp;exercise or refrain from exercising, or waive, any rights or powers that Seller
may have in respect thereof; (d)&nbsp;agree to release or permit substitutions of collateral in
respect of the Obligations; (e)&nbsp;bring suit for collection or exercise of any other remedies
under the Loan Documents, (f)&nbsp;exercise or refrain from exercising any powers or rights which
it may have under the Loan Documents and (g)&nbsp;otherwise administer the Loans in accordance
with its reasonable judgment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Seller shall have the right to: (a)&nbsp;direct the Obligor to make payment of
all amounts due or to become due to Seller directly to any agent appointed pursuant to
Section&nbsp;9(a); and (b)&nbsp;notify such agent to maintain a lockbox or similar arrangement to
which Obligor has been directed to make payment to such lockbox or other arrangement,
maintained under the sole dominion and control of such agent, directly to such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Seller may exercise any of its powers and perform any of its duties hereunder by or
through its agent. As soon as reasonably practicable after the appointment of any agent, the
Seller shall provide the Participant with notice of such appointment and the name and relevant
contact information of such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Seller agrees that it will exercise the same degree of care and skill in
administering, collecting and enforcing the Loans that a reasonably prudent investor would exercise
under the circumstances in the conduct of his own affairs. Neither the Seller nor its officers,
directors, agents, attorneys or employees shall be liable to the Participant for any acts or
omissions in making, administering, collecting or enforcing the Loans unless such acts or omissions
constitute gross negligence or willful misconduct. Without limiting the foregoing, the Seller (i)
may rely on legal counsel, independent public accountants and other experts selected or accepted by
the Seller and the Seller shall not be liable for any action taken or omitted to be taken in good
faith by the Seller in accordance with the advice of such counsel, accountants or experts, (ii)
other than as set forth herein, makes no warranty or representation (express or implied) and shall
not be responsible for any statement, warranty or representation made in connection with the Loan
Documents or any related document or for the financial condition of the Obligor, (iii)&nbsp;shall not be
responsible for the performance or observance by any other party of any of the terms, covenants or
conditions of the Loan Documents or any related document, and shall not have any duty to inspect
the property (including the books and records) of the Obligor,
(iv)&nbsp;makes no warranty or representation as to, and shall not be responsible for, the due
execution, legality, validity, enforceability, genuineness, sufficiency, payment priority or
collectibility of, or for the filing or recording or otherwise perfecting a security interest in or
the priority of any such security interest, or taking of any actions with respect to the Loan
Documents, any collateral for the Loans or any related document, (v)&nbsp;shall incur no liability
under, or in respect of, the Loan Documents or any related document by acting upon any notice,
consent, certificate or other instrument or writing reasonably believed by the Seller to be genuine
and signed by the proper party, (vi)&nbsp;shall have no obligation to make any claim, or assert any lien
upon, any property held by the Seller or assert any offset in respect thereto, (vii)&nbsp;shall not be
deemed to be a trustee for the Participant, (viii)&nbsp;shall have no duties or obligations hereunder
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other than those expressly provided for herein and (ix)&nbsp;shall have no obligation to take any action
which the Seller determines in good faith could violate applicable law, the Loan Documents or any
related document, or, unless and until it shall have been provided with adequate security and
indemnity therefor, expose the Seller to any material obligation, liability or expense.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Seller will not, without the prior written consent of the Participant, agree to the
alteration, amendment or revision of any of the Loan Documents in any material respect if such
alteration, amendment or revision adversely affects any Loan, except to the extent that the
Required Participants are permitted to give such consent pursuant to Section&nbsp;16 and the Required
Participants have provided such consent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Indemnification</U>. The Participant agrees to indemnify, defend and hold the Seller
and its officers, directors, employees, agents, partners and controlling persons (together, the
&#147;<U>Seller Indemnitees</U>&#148;) harmless from and against any and all expenses, losses, claims,
damages, suits, proceedings and liabilities which are incurred by or threatened against the Seller
Indemnitees or any of them after the Closing Date, including but not limited to reasonable
attorneys&#146; fees and expenses caused by, or in any way resulting from or relating to the breach of
any of the representations, warranties, agreements or covenants of the Participant set forth in
this Agreement (except for any such expenses, losses, claims, damages, suits, proceedings and
liabilities which have arisen out of the actual bad faith, willful misconduct or gross negligence
of any Seller Indemnitee). The Seller agrees to indemnify, defend and hold the Participant and its
officers, directors, employees, agents, partners and controlling persons (together, the
&#147;<U>Participant Indemnitees</U>&#148;) harmless from and against any and all expenses, losses, claims,
damages, suits, proceedings and liabilities which are incurred by or threatened against the
Participant Indemnitees or any of them after the Closing Date, including but not limited to
reasonable attorneys&#146; fees and expenses caused by, or in any way resulting from or relating to the
breach of any of the representations, warranties, agreements or covenants of the Seller set forth
in this Agreement (except for any such expenses, losses, claims, damages, suits, proceedings and
liabilities which have arisen out of the actual bad faith, willful misconduct or gross negligence
of any Participant Indemnitee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Expenses</U><B>. </B>Except as otherwise expressly provided for herein, each party to this
Agreement shall bear its own costs and expenses, including but not limited to attorneys&#146; fees and
expenses, in connection with the Participation contemplated hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Payments</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All payments to be made by either Party hereunder shall be (i)&nbsp;made in United States
Dollars, and (ii)&nbsp;made without setoff, counterclaim or other deduction in immediately available
funds by wire transfer, or by any other means agreed to by both Parties, to the account of the
relevant Party as specified in <U>Schedule&nbsp;I</U> hereto (including for the avoidance of doubt, in
the case of the Seller, an account of any paying agent on behalf of the Seller);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All amounts payable hereunder are payable free of any withholding tax or levy, other than
taxes imposed on the net income of the Parties, and such taxes or levies shall be paid to the
applicable governmental authority by the payer of such amounts without deduction from any amount
payable hereunder;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Whenever the Seller receives a payment of any kind in respect of the Loans (including
fees, commissions and interest), it will pay over the same to the Participant (or to any agent
appointed by the Participant for purposes of receiving and distributing such payment) on a pro rata
basis on the next Business Day after receipt by the Seller thereof in the same kind of funds or
property received and duly endorsed when appropriate, free of any deduction, withholding or set-off
of any kind (except as expressly permitted by this Agreement). If securities are to be issued
pursuant to a plan of reorganization or restructuring or otherwise, in payment of, in substitution
for or for application against the Seller&#146;s Interest, the Seller shall promptly notify the
Participant of such prospective issuance and shall use its best efforts to cause such securities to
be registered and issued in such names as the Participant or its agent shall direct in writing; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If any Party shall fail to pay any amount due hereunder in accordance herewith, then such
Party shall pay interest on such payment for the period from the day on which such payment is due,
to (but excluding) the day such amount is actually paid to the Participant, at a rate equal to the
Interest Rate; <U>provided</U>, <U>however</U>, that for the avoidance of any doubt with respect
to amounts payable under <U>Section&nbsp;12(c)</U> hereof, such interest payment obligations shall
apply only to any such amounts payable by the Seller in the form of cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Prepayment</U>. As soon as practical after receipt of any partial prepayment, the
parties hereto shall execute and deliver to the Participant a Certificate replacing the appropriate
original Certificate with terms and conditions amended to reflect such partial prepayment unless
otherwise agreed to in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Ownership</U>. The Parties agree and acknowledge that the purchase and sale under
<U>Section&nbsp;2</U> hereof creates a sale and transfer of the Seller&#146;s property interests to the
extent of Participant&#146;s Participation, and not a mere debtor-creditor relationship between the
parties. This Agreement shall in no way be construed as a loan by the Participant to the Seller or
as creating any other relationship between the parties. The Transferred Interest of the
Participant shall constitute an equitable interest in the Loans, as contemplated by Section 541(d)
of the United States Bankruptcy Code, as amended (11 U.S.C. Section&nbsp;541(d)). The Participation and
all payments, securities or other proceeds received or recovered by the Seller in respect thereof
shall, to the extent of Participant&#146;s Participation, be the Participant&#146;s property and shall be
held by the Seller on behalf and for the sole benefit of the Participant until paid over to the
Participant and the Seller shall have no legal, equitable or beneficial interest in any of the
foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;<U>Information and Documents</U>. To the extent permitted by the Loan Documents and
subject to <U>Section&nbsp;17(j)</U> hereof, the Seller shall promptly furnish to the Participant
copies of all Loan Documents received by the Seller or offered by the Obligor to the Seller from
time to time. The Seller shall give the Participant prompt written notice of any of the following
of which the Seller becomes aware: (a)&nbsp;any proposed payment or delivery of property in respect of
the Transferred Interest, (b)&nbsp;any request for any amendment, waiver or modification of the terms of
any of the Loan Documents if such requested amendment, waiver or modification relates to any Loan,
and (c)&nbsp;any act, decision or vote proposed or to be made by the Seller in connection with the Loan
Documents or the Obligor with respect to the Loans. Failure of the Seller to provide any of the
foregoing information shall not result in any liability on the part of the Seller, subject
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to <U>Section&nbsp;16</U> hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;<U>Acts and Decisions</U>. Except as otherwise prohibited or restricted by the Loan
Documents (and such prohibitions and restrictions are hereby incorporated by reference as if set
forth herein) or applicable law, Participant agrees that, with regard to the Transferred Interest,
Seller shall act or refrain from acting in respect of any request, act or decision under the Loan
Documents (each an &#147;<U>Action</U>&#148;) in accordance with the directions, or pursuant to the consent
of, the Required Participants. Participant acknowledges that it shall be bound by any such Actions
of the Seller; <I>provided</I>, that any Action to (i)&nbsp;postpone any date fixed by any Loan Document for
any payment of principal, interest, fees or other amounts due to the Seller with respect to the
Seller&#146;s Interest, (ii)&nbsp;reduce the principal of, or the rate of interest specified in any Loan
Document with respect to any Loan, (iii)&nbsp;release or otherwise discharge of any security interest or
lien granted to the Seller under the Loan Documents; (iv)&nbsp;release the Obligor or any other person
now or hereafter liable for any of the Obligations, whether as co-makers, endorsers, guarantors,
sureties, indemnitors or otherwise or (v)&nbsp;change the definition of &#147;Required Participants&#148; under
any participation agreement with respect to the Loans so that it modifies the definition of such
term herein as of the date of this Agreement, shall require the consent of all participants of all
the Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;<U>Miscellaneous</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Survival</U>. All warranties, representations, and covenants made by the Parties
shall be considered to have been relied upon by the Parties hereto and shall survive any due
diligence or other investigation of the Obligor by the Participant, the Closing Date hereunder and
the execution, delivery and performance of this Agreement and all other documents contemplated
herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Successors and Assigns</U>. This Agreement, including without limitation, the
representations, warranties and covenants contained herein, (i)&nbsp;shall inure to the benefit of and
be enforceable by the respective parties and their respective successors, assigns, participants and
transferees and (ii)&nbsp;shall be binding upon and enforceable against the respective Parties, and
their respective successors, assigns and transferees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Further Assurances</U>. Each of the Parties agrees to execute and deliver, or to
cause to be executed and delivered, all such instruments, and to take all such action as the other
Party
may reasonably request in order to effectuate the intent and purposes of, and to carry out the
terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Counterpart Execution</U>. This Agreement may be executed in any number of
counterparts, each of which, when so executed and delivered, shall be an original, but all of which
together shall constitute one agreement binding all of the Parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Amendments; Waivers</U>. Except if the Required Participants have consented to any
such amendment or waiver (in which case such amendment or waiver shall be applicable to this
Agreement and shall bind and be enforceable against all of the participants of the Loans), (i)&nbsp;no
amendment of any provision of this Agreement shall be effective unless it is in writing and
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">signed
by each Party, and (ii)&nbsp;no waiver of any provision of this Agreement, nor consent to any departure
by any Party from the terms hereof, shall be effective unless it is in writing and signed by the
other Party. In any case, a waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. No failure on the part of either Party to exercise, and
no delay in exercising, any right hereunder or under any related document shall operate as a waiver
thereof by such party, nor shall any single or partial exercise of any right hereunder or under any
other related document preclude any other or further exercise thereof or the exercise of any other
right. The rights and remedies of each Party provided herein and in other related documents (A)
are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law
and (B)&nbsp;are not conditional or contingent on any attempt by such Party to exercise any of its
rights under any other related document against the other party or any other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Governing Law</U>. This Agreement shall be construed and the obligations of the
Parties hereunder shall be determined in accordance with the laws of the State of New York (without
regard to any conflict of laws provisions thereof) and applicable federal law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Notices</U>. All demands, notices, requests, consents, and communications hereunder
shall be (i)&nbsp;in writing and shall be deemed to have been duly given if personally delivered by
courier service, messenger or telecopy at, or if duly deposited in the mails, by certified or
registered mail, postage prepaid &#151; return receipt requested, to the addresses set forth on
<U>Schedule&nbsp;I</U>, or such other addresses as may be furnished hereafter by notice in writing to
such addresses, or (ii)&nbsp;by SWIFT, telex or facsimile transmission. All demands, requests,
consents, notices and communications shall be deemed to have been given (x)&nbsp;in the case of notice
in writing, either (A)&nbsp;at the time of actual delivery thereof or (B)&nbsp;if given by certified or
registered mail, five (5)&nbsp;Business Days after certification or registration thereof, to any officer
(or an authorized recipient of deliveries to the office) of the Party to whom given, or (y)&nbsp;in the
case of electronic notice, at the time of actual transmission.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Integration</U>. This Agreement, together with any schedules and exhibits hereto
constitute the entire agreement and understanding between the Parties hereto with respect to the
subject matter hereof and supersede all prior agreements, understandings or representations
pertaining to the subject matter hereof, whether oral or written. There are no warranties,
representations or other agreements between the Parties in connection with the subject matter
hereof except as specifically set forth or incorporated herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Captions and Headings</U>. The captions and headings in this Agreement are for
convenience only and are not intended to be full or accurate descriptions of the contents thereof.
They shall not be deemed to be part of this Agreement and in no way define, limit, extend or
describe the scope or intent of any provisions hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;<U>Confidentiality</U>. Each Party agrees that, except as may be compelled by legal
process or by an order, judgment or decree of a court or other governmental authority of competent
jurisdiction or as may be required by statute, rule or regulation or as may be required by any
regulator, organization of regulators or any self-regulator, it shall not disclose to any Person
the terms or conditions of this Agreement or any document executed or delivered in connection
herewith; <U>provided</U>, <U>however</U>, that (i)&nbsp;the Seller may disclose this Agreement and
the
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">documents executed or delivered in connection herewith to the Obligor, the Band, any
governmental regulatory authority (including without limitation the National Indian Gaming
Commission) and any other participant of the Loans, (ii)&nbsp;the Participant may disclose this
Agreement and the documents executed or delivered in connection herewith (other than the purchase
price and the purchase rate) to any prospective purchaser or transferee and to their respective
counsel and other legal and financial advisors, and (iii)&nbsp;either Party may disclose this Agreement
and the documents executed or delivered in connection herewith to its counsel and other legal and
financial advisors, subject to appropriate confidentiality undertakings. With respect to the
Participation, the Participant agrees for the benefit of the Seller and the other parties to the
relevant Loan Documents, to maintain the confidentiality of all non-public information provided to
it under or connection with this Agreement or the Participation to the extent consistent with the
requirements of the Loan Documents and applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;<U>Severability</U>. If any provision of this Agreement or any other agreement or
document delivered in connection with this Agreement, if any, is partially or completely invalid or
unenforceable in any jurisdiction, then that provision shall be ineffective in that jurisdiction to
the extent of its invalidity or unenforceability, but the invalidity or unenforceability of that
provision shall not affect the validity or enforceability of any other provision of this Agreement,
all of which shall be construed and enforced as if that invalid or unenforceable provision were
omitted, nor shall the invalidity or unenforceability of that provision in one jurisdiction affect
its validity or enforceability in any other jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;<U>Jurisdiction</U>. Each Party hereby irrevocably consents to the personal jurisdiction
of the courts of the State of New York and of the United States of America sitting in the Southern
District of New York, in any action to enforce, interpret or construe any provision of this
Agreement or of any other agreement or document delivered in connection with this Agreement, and
also hereby irrevocably waives any defense of improper venue or <U>forum non conveniens</U> to any
such action brought in either of those courts. Each party further irrevocably agrees that any
action to enforce, interpret or construe any provision of this Agreement will be brought only in
either of those courts and not in any other court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;<U>Service of Process by Mail</U>. Each Party hereby irrevocably consents to the service
by certified or registered mail, return receipt requested, to be sent to its address stated in
<U>subsection (g)</U> above or to such other address as it may designate from time to time by
notice given in the manner provided above, of any process in any action to enforce, interpret or
construe
any provision of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;<U>Jury Trial Waiver</U>. Each Party hereby irrevocably waives, to the fullest extent
permitted by applicable law, any right it may have to a trial by jury in any legal proceeding
directly or indirectly arising out of or relating to this Agreement or any of the Loan Documents or
the Participation contemplated hereby (whether based on contract, tort or any other theory). Each
Party (a)&nbsp;certifies that no representative, agent or attorney of any other Person has represented,
expressly or otherwise, that such other Person would not, in the event of litigation, seek to
enforce the foregoing waiver and (b)&nbsp;acknowledges that it and the other Party have been induced to
enter into this Agreement, among other things, by the mutual waivers and certifications in this
Section.
</DIV>

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</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;(o)&nbsp;<U>Certain Conduct and Other Matters</U>. Notwithstanding any other provision in this
Agreement to the contrary, neither Party shall assume any liability from the other Party or be
responsible for or indemnify the other Party for any losses, liabilities or claims that result from
the bad faith, willful misconduct or gross negligence of such Party. No provision of this Agreement
shall create any third party beneficiary rights in any person except, with respect to Sections 8(f)
to (j) (inclusive)&nbsp;only, BAS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;<U>Assignment</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither Party may assign its rights and obligations hereunder without the prior written
consent of the other Party (which consent shall not be unreasonably withheld); <U>provided
however</U>, with respect to any Loan the Seller shall be entitled to participate out additional
interests in such Loan without notice to or consent from the Participant; <U>provided further</U>,
that with respect to the Participation the Participant shall be entitled to sub-participate out
interests in the Participation without notice to or consent from the Seller (provided, for the
avoidance of doubt, the Participant shall not be released from any of its obligations hereunder and
the terms of such sub-participation shall be on substantially similar to the terms hereunder but
with respect to a sub-participation between the Participant and the sub-participant). Except to
the extent permitted under Section&nbsp;21, on and from the Closing Date neither the Seller nor any of
its affiliates may purchase or repurchase any participation or sub-participation in the Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;<U>Regulatory Concerns</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that a Participant, assignee, or Person holding a sub-participation (a &#147;Holder&#148;)
is determined to be a Disqualified Holder, the Seller shall have the right to repurchase such
Holder&#146;s interests in a Loan by payment to such Holder of the outstanding principal balance of such
interests, together with accrued but unpaid interest thereon, held by such Holder<B>.</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature Page to Follow&#093;
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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;IN WITNESS OF THE ABOVE AGREEMENTS, the Parties have caused this document to be executed
by their respective representatives as of the date specified in the first sentence above.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>&#091;PARTICIPANT&#093;:</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&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">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CERTIFICATION<BR>
BY LAKES ENTERTAINMENT, INC.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>To: &#091;PARTICIPANT&#093;</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakes Entertainment, Inc. (&#147;<U>LACO</U>&#148;), a Minnesota corporation, hereby represents and
warrants that, as of the Closing Date no Event of Default by the Seller and, to LACO&#146;s knowledge,
by the Obligor has occurred or is continuing with respect to the Development Agreement and the
Management Agreement. Capitalized terms that are not otherwise defined in this certification shall
have the meanings given in the Master Participation Agreement dated March&nbsp;2, 2007, between you and
Great Lakes Gaming of Michigan, LLC.
</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"><B>LAKES ENTERTAINMENT, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&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">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</DIV>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF<BR>
CONSENT AND ACKNOWLEDGMENT</B>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pokagon Gaming Authority hereby consents to the Master Participation Agreements to which this
consent is attached (the &#147;<B>Participation Agreements</B>&#148;) and the transactions contemplated thereby, and
hereby acknowledges and confirms that (i)&nbsp;each of the Loans has been fully funded, and the Seller
has no obligation to make any further advances or extend any other financial accommodations under
the Loans and Notes, (ii)&nbsp;interest has accrued on the Loan evidenced by the Third Amended and
Restated Transition Loan Note from and after July&nbsp;8, 2001, and (iii)&nbsp;this consent is given pursuant
to the written approval of the Pokagon Gaming Authority, the entity designated pursuant to
resolution and ordinance of the &#147;Pokagon Council&#148; (as defined in the Development
Agreement and the Management Agreement), as evidenced by the Assignment and Assumption Agreement
and the Pokagon Gaming Authority Ordinance duly enacted by the Pokagon Council (as contemplated by
the Development Agreement and the Management Agreement); and otherwise complies with the
requirements of Section&nbsp;15.18 of the Development Agreement and Section&nbsp;14.1 of the Management
Agreement. This Consent shall not give rise to liability by the Pokagon Gaming Authority or the
Pokagon Band of Potawatomi Indians to any Participant except as expressly authorized by the
Participation Agreements in accordance with the Development Agreement and the Management Agreement.
All capitalized terms used herein and not otherwise defined shall have the meanings given to such
terms under the Participation Agreements.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">POKAGON GAMING AUTHORITY<BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<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>

</TABLE>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF CERTIFICATE</B>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: TBD</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize such principal and accrued interest over a
sixty month period (such payments will commence on the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort.</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: TBD</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize such principal and accrued interest over a
sixty month period (such payments will commence on the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort).</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%</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 align="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: TBD</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize such principal and accrued interest over a
sixty month period (such payments will commence on the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><B>&#091;COUNTERPARTY&#093;</B>, as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT&#093;
</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"><B>SCHEDULE I</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U>Notice/Payment and Delivery Instructions</U>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Seller&#146;s Wire Instructions</U>:
</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="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of America, N.A.
</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" nowrap valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</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">ABA No.:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">026-009-593</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">Acct:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Acct. No.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Attn:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Ref.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Seller&#146;s Address for Notices and Delivery</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes Entertainment, Inc.<BR>
130 Cheshire Lane, Suite&nbsp;101<BR>
Minnetonka, Minnesota 55305<BR>
Attention: Damon E. Schramm, Esq. and Timothy J. Cope<BR>
Telephone: (952)&nbsp;449-9092<BR>
Telecopier: (952)&nbsp;449-9353

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with a copy to:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gray Plant Mooty Mooty &#038; Bennett, PA<BR>
500 IDS Center<BR>
80 South Eighth Street<BR>
Minneapolis, Minnesota 55402<BR>
Attention: Daniel Tenenbaum, Esq.<BR>
Telephone: (612)&nbsp;632-3000<BR>
Telecopier: (612)&nbsp;632-4050

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Participant&#146;s Wire Instructions</U>:
</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="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bank:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" nowrap valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ABA No.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Acct:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Acct. No.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Attn:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Ref.:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
<!-- 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" style="font-size: 10pt; margin-top: 18pt"><U><B>SCHEDULE I (cont&#146;d)</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Participant&#146;s Address for Notices and Delivery</U>:
</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="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attention:<BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Address:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">&nbsp;</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">Mail Code:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">SWIFT:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Telephone:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Facsimile:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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">Electronic Mail Address:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
<!-- End Table Body -->
</TABLE>
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>c13067exv10w2.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w2</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;10.2</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $3,069,510.65

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,135,449.54

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize such principal and accrued interest over a sixty month period (such payments will commence on the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%

</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $795,039.81

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize such principal and accrued interest over a sixty month period (such payments will commence on the fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds Casino Resort).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $5,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">



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

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">PRESIDENT &#38;
 FELLOWS OF HARVARD COLLEGE
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Regiment Capital Management, LLC<br>
       as its Investment Advisor
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"> Regiment Capital Advisors, LP<br>
       its Manager and pursuant to delegated authority
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Mark Brostowski
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark Brostowski&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>c13067exv10w3.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w3</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;10.3</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $12,278,042.59
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $4,541,798.18
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $3,180,159.24
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $20,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]
</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">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>


<TR>
    <TD colspan="3" align="left">REGIMENT CAPITAL LTD.&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Regiment Capital Management, LLC <BR>as its Investment Advisor
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Regiment Capital Advisors, LP <BR>its Manager and pursuant to delegated authority
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Mark A. Brostowski

&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark A. Brostowski&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Authorized Signatory&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>c13067exv10w4.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w4</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;10.4</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $6,139,021.29
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $2,270,899.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,590,079.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $10,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD nowrap colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]
</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">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">RIVERSOURCE HIGH YIELD BOND FUND, a<BR>
series of RIVERSOURCE HIGH YIELD INCOME SERIES, INC., as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michelle M. Keeley
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michelle M. Keeley&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>c13067exv10w5.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w5</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;10.5</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,074,328.73
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $397,407.34
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $278,263.93
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $1,750,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, <BR>as <B>Seller</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]
</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">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">RIVERSOURCE INCOME OPPORTUNITIES<BR>
FUND, a series of RIVERSOURCE BOND<BR>
SERIES, INC., as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michelle M. Keeley
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michelle M. Keeley&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>7
<FILENAME>c13067exv10w6.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w6</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;10.6</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $3,729,455.44</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,379,571.20</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $965,973.37</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $6,075,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]
</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">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">RIVERSOURCE VARIABLE PORTFOLIO<BR>
HIGH YIELD BOND, a series of RIVERSOURCE VARIABLE PORTFOLIO INCOME SERIES,<BR>
INC., as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michelle M. Keeley
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michelle M. Keeley&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>c13067exv10w7.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w7</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;10.7</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued
Interest: $17,967,329.62</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation
Amount: $63,967,329.62</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,335,237.13

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation
Amount: $23,662,297.87</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $493,920.55

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $345,842.32
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).<BR>
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $2,175,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

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


<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>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">RIVERSOURCE VARIABLE PORTFOLIO &#151; <BR>
INCOME OPPORTUNITIES FUND, a series of<BR>
RIVERSOURCE VARIABLE PORTFOLIO INCOME SERIES, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michelle M. Keeley
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michelle M. Keeley&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.8
<SEQUENCE>9
<FILENAME>c13067exv10w8.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w8</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;10.8</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,473,365.11
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $545,015.78
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $381,619.11
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $2,400,000</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]</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">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">DIVERSIFIED INVESTORS HIGH YIELD BOND FUND<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">BOSTON MANAGEMENT AND RESEARCH as investment advisor, as <B>Participant</B>
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael W. Weilheimer
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael W. Weilheimer&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>10
<FILENAME>c13067exv10w9.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w9</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;10.9</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $92,085.32

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $34,063.49

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $23,851.19

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $150,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">PLYMOUTH COUNTY RETIREMENT
ASSOCIATION</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"> EATON VANCE MANAGEMENT as investment advisor, as <B>Participant</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael W. Weilheimer
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael W. Weilheimer&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.10
<SEQUENCE>11
<FILENAME>c13067exv10w10.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w10</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;10.10</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $3,284,376.39

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,214,931.01

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest
Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $850,692.60

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $5,350,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" align="left">HIGH INCOME PORTFOLIO
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left"> BOSTON MANAGEMENT AND RESEARCH as investment advisor, as <B>Participant</B>&nbsp;
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael W. Weilheimer
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael W. Weilheimer&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.11
<SEQUENCE>12
<FILENAME>c13067exv10w11.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w11</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;10.11</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $5,893,460.44

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $2,180,063.12

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,526,476.63

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $9,600,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>

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




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">BOSTON INCOME PORTFOLIO
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">BOSTON MANAGEMENT AND RESEARCH as investment advisor, as <B>Participant</B>&nbsp;
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael W. Weilheimer
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael W. Weilheimer&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.12
<SEQUENCE>13
<FILENAME>c13067exv10w12.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w12</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;10.12</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $6,139,021.29
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $2,270,899.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,590,079.62
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $10,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]</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">


<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>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">T. ROWE PRICE HIGH YIELD FUND, INC.,<BR>
as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Thomas Tewksbury
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Thomas Tewksbury&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>14
<FILENAME>c13067exv10w13.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w13</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;10.13</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $16,389,914.59

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $6,062,829.94

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $4,245,183.05

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $26,697,927.58</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]</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">


<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>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">BANK OF AMERICA, N.A.,<BR>
as <B>Participant</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Kendra Chase
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Kendra Chase&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.14
<SEQUENCE>15
<FILENAME>c13067exv10w14.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w14</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;10.14</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,841,706.39

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $681,269.73

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</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="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $477,023.89

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $3,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</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">




<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]</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">


<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>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">ANDOVER CAPITAL PARTNERS LP,<BR>
as <B>Participant</B><BR>
&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael Tucker
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael Tucker&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">PM&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.15
<SEQUENCE>16
<FILENAME>c13067exv10w15.htm
<DESCRIPTION>CERTIFICATE OF MASTER PARTICIPATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w15</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;10.15</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to and subject to that certain Master Participation Agreement made between you and
GREAT LAKES GAMING OF MICHIGAN, LLC, a Minnesota limited liability company (the &#147;<U>Seller</U>&#148;)
dated as of the second day of March, 2007 (the &#147;<U>Agreement</U>&#148;), the Seller hereby offers you,
in the capacity of Participant a Participation <U><B><I>without recourse</I></B></U> (except as provided in the
Agreement) in the following Loan on a funded basis, subject to the terms and conditions set forth
below. Capitalized terms used herein and not otherwise defined shall have the meaning assigned to
such terms in the Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>TO BE COMPLETED BY THE SELLER</B></U>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $46,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $17,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $63,967,329.62

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $1,227,804.26

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Non-Gaming Land Acquisition Line of Credit</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $13,176,335.46

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $10,485,962.41

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $23,662,297.87

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $454,179.82

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Transition Loan</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date: The fifth anniversary after the fifteenth day of the calendar month immediately
following the Commencement Date of the Four Winds Casino Resort.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Original Loan Amount: $12,000,000.00

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accrued Interest: $4,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Participation Amount: $16,568,300.09

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pro Rata Share Offered: $318,015.92

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Repayment: Equal monthly payments of principal and interest in an amount sufficient to amortize
such principal and accrued interest over a sixty month period (such payments will commence on the
fifteenth day of the calendar month immediately following the Commencement Date of the Four Winds
Casino Resort).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest Rate: 9.0% per annum (interest will continue to accrue pursuant to original terms).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchase Price (as a percentage of Participation Amount): 98.0%
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Aggregate Participation Amount: $2,000,000.00</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto is a true copy of the Notes evidencing the Loans referenced herein. When this
Certificate is duly signed and any and all amendments are initialed by both the Seller and
Participant, it becomes an irrevocable (subject to Section&nbsp;21 of the Agreement) offer and
acceptance of participation. Any change of the above terms shall be evidenced by another
Certificate duly signed by the authorized personnel of both Parties, which Certificate shall
supersede all prior Certificates with respect to the relevant Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This offer is open for acceptance by the Participant until March&nbsp;2, 2007. If acceptance of
this offer is not received by the Seller on or before this date, this offer of participation
becomes null and void and the Seller shall not be bound by the terms set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective as of the second day of March&nbsp;2007
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Signature page to follow&#093;
</DIV>


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<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">GREAT LAKES GAMING OF MICHIGAN, LLC, as <B>Seller</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Timothy Cope
&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President/CFO&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">[SIGNATURE PAGE TO CERTIFICATE FOR PARTICIPATION AGREEMENT]</DIV>

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</DIV>

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


<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>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">BALDWIN ENTERPRISES INC.,<BR>
as <B>Participant</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/S/ Michael Tucker
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Michael Tucker&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">PM&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.16
<SEQUENCE>17
<FILENAME>c13067exv10w16.htm
<DESCRIPTION>PAYING AGENCY AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w16</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.16</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This <B>PAYING AGENCY AND SERVICING AGREEMENT </B>(this &#147;<B>Agreement</B>&#148;) is made and dated as of March&nbsp;2,
2007 by and between Great Lakes Gaming of Michigan, LLC, a Minnesota limited liability company (the
&#147;<B>Company</B>&#148;), and Bank of America, N.A. (&#147;<B>BofA</B>&#148;), as paying agent and as servicer for the Company (in
its capacity as paying agent and as servicer, referred to herein as the &#147;<B>Paying Agent</B>&#148;).
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company and the participants party to the separate Master Participation Agreements
referred to below (such participants being the &#147;<B>Participants</B>&#148; and together with their transferees,
successors and assigns, collectively also being the &#147;<B>Participants</B>&#148;), have entered into separate
Master Participation Agreements dated March&nbsp;2, 2007 (said Master Participation Agreements, as they
may hereafter be amended, supplemented or otherwise modified from time to time, being the &#147;<B>Master
Participation Agreements</B>&#148;) pursuant to which the Participants purchased participations in the
aggregate principal amount of the Loans (as defined in the Master Participation Agreements).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company desires to enter into this Agreement with BofA to appoint BofA as the Paying
Agent with respect to the Participations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein,
the parties hereto hereby agree as follows:
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1. </B><U><B>Definitions</B></U>. All capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Master Participation Agreements. The following terms used
in this Agreement shall have the following meanings:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Affiliate</B>&#148; means, at any time, and with respect to any Person, any other Person that at such
time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is
under common Control with, such first Person. As used in this definition, &#147;<B>Control</B>&#148; means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Business Day</B>&#148; means any day that is not (i)&nbsp;a Saturday, (ii)&nbsp;a Sunday, (iii)&nbsp;a legal holiday
in New York, California, Michigan or Minnesota, or (iv)&nbsp;a day on which the banking institutions in
those cities are authorized or required by law or regulation to be closed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Code</B>&#148; means the Internal Revenue Code of 1986.
</DIV>


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</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>Federal Funds Rate</B>&#148;<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; <U>provided</U> that (a)&nbsp;if such day is not
a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business Day, and (b)&nbsp;if no such
rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Bank of America on such day on such transactions as determined by the Paying Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Foreign Participant</B>&#148; means any Participant that is organized under the laws of a jurisdiction
other than that in which the Company is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental Authority</B>&#148; means the government of the United States or any other nation, or of
any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Participations</B>&#148; means, collectively, the &#147;Participations&#148; as defined in the Master
Participation Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Paying Agent&#146;s Office</B>&#148; means
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 9%; margin-top: 6pt">Donna Kimbrough<BR>
Bank of America<BR>
Mail Code: <U>TX1-49214-11</U><BR>
Bank of America Plaza<BR>
901 Main Street, 14<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Floor<BR>
Dallas, TX 75202-3714<BR>
Phone: (214)&nbsp;209-1569<BR>
Fax: (214)&nbsp;290-9436<BR>
Email: donna.f.kimbrough@bankofamerica.com
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;or such other location as the Paying Agent may from time to time notify to the Company and the
Participants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Payment Date</B>&#148; means each date on which any payment of principal, interest or other amounts
become due to the Participants pursuant to the Participations or the Master Participation
Agreements.
</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>Person</B>&#148; means any individual, corporation, limited liability company, voluntary association,
partnership, trust, unincorporated organization or government (or any agency, instrumentality or
political subdivision thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Responsible Officer</B>&#148; means, with respect to any Person, the chief executive officer,
president, chief financial officer, treasurer or assistant treasurer of a Person. Any document
delivered hereunder that is signed by a Responsible Officer of a Person shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the
part of such Person and such Responsible Officer shall be conclusively presumed to have acted on
behalf of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Taxes</B>&#148; means all present or future taxes, levies, imposts, duties, deductions, withholdings,
assessments, fees or other charges imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2. </B><U><B>Appointment and Duties of Paying Agent</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Appointment of Paying Agent</U>. The Company hereby appoints BofA as its agent to do
the following and each Participant, by its acceptance of the benefits of this Agreement, hereby
consents to such appointment and actions:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to receive payments of principal, interest and other amounts in respect of the
Participations and the Master Participation Agreements and to apply such amounts to the
payment of interest, principal and other amounts in respect of the Participations, as set
forth in this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to calculate the amount of interest payable on the Participations on each Payment
Date with respect to interest in the manner and at the times set forth in the Master
Participation Agreements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as and when requested by Seller and without assuming responsibility to the
Participants for the completeness or accuracy thereof, to furnish to Participants on behalf
of the Seller (A)&nbsp;copies of the Loan Documents, as amended from time to time, and any other
agreements between the Seller and the Obligor or any other obligor executed and delivered in
connection with the Loan Documents, (B)&nbsp;copies of all notices delivered to the Seller as
required by the Loan Documents, (C)&nbsp;copies of all financial statements required to be
furnished by the Obligor pursuant to the Loan Documents which are received by the Seller,
(D)&nbsp;written notification, in accordance with the provisions of the Master Participation
Agreements, of the occurrence of any default under the Loans or Event of Default under the
Loan Documents, and (E)&nbsp;other notices to be provided by the Seller to Participants in
accordance with the provisions of the Master Participation Agreements, in each case, as soon
as reasonably practicable after such documents and agreements, notices and financial
statements are delivered by the Seller to the Paying Agent; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to take such other actions as the Paying Agent shall be required to take by the
terms of this Agreement, to carry out the foregoing and to effect the purposes of this
Agreement or as are reasonably incidental thereto.
</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;(b) <U>Acceptance by Paying Agent</U>. The Paying Agent hereby accepts its appointment as
Paying Agent and agrees to act as agent for the Company pursuant to the terms and conditions of,
and to perform its duties in accordance with, this Agreement until the termination of this
Agreement in accordance with Section&nbsp;7 of this Agreement or the resignation or removal of the
Paying Agent pursuant to subsection 5(g) hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Calculation of Interest Payments</U>. On the second Business Day immediately
preceding each Payment Date with respect to interest, the Paying Agent shall (i)&nbsp;calculate the
amount of interest on the Participations due and payable on such Payment Date in the manner set
forth in the Master Participation Agreements, and (ii)&nbsp;communicate the same to the Company by 3:00
p.m. New York City time. The Company shall be entitled to deliver (x)&nbsp;confirmation of its
agreement with the Paying Agent&#146;s calculation of interest or (y)&nbsp;in the event the Company believes
the Paying Agent&#146;s calculation of interest to be in error, the Company&#146;s calculation of the amount
of interest due and payable to the Paying Agent by 12:00&nbsp;p.m. New York City time on the day
immediately preceding such Payment Date. If the Company does not so deliver such a confirmation or
calculation, the Paying Agent&#146;s calculation shall be deemed to have been confirmed. The Paying
Agent shall make payment of interest according to the calculation confirmed by the Company or the
Company&#146;s calculation, as applicable, on the relevant Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Duties of Paying Agent</U>. The Paying Agent shall act as the paying agent with
respect to all of the Participations outstanding at any time. The Paying Agent shall, to the
extent of funds received from the Company in respect of the Participations, make payments of the
principal of and interest on each Participation and such other amounts with respect thereto to the
holder thereof at the time, at the place and in the manner provided therefor in this Agreement. In
no event shall the failure of the Paying Agent to make any payments hereunder relieve the Company
of its obligations to make due and punctual payment on the Participations under the Master
Participation Agreements. The Paying Agent shall not be liable to the Company, the Participants or
any other Person for interest on any sums held by it in its capacity as Paying Agent 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>3. </B><U><B>Payments and Distributions</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Payments to Participants</U>.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On the second Business Day immediately preceding each Payment Date, (A)&nbsp;in the case
of a Payment Date with respect to interest, the Paying Agent shall calculate interest
payable on the Participations and provide notice to the Company as set forth in paragraph
2(c) hereof, and (B)&nbsp;in the case of a Payment Date with respect to any payments other than
interest pursuant to the Master Participation Agreements, the Company shall provide notice
to the Paying Agent of such Payment Date and the amount of payments to be made on such
Payment Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On each Payment Date, (A)&nbsp;the Company shall, subject to the Management Agreement
and the other Loan Documents, cause to be transferred to the Paying Agent by 12:00&nbsp;p.m. New
York City time sufficient funds for distribution to the Participants so that the Paying
Agent may make all payments, whether principal, interest
</DIV>

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</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%">as calculated pursuant to subsection 2(c) hereof, or other amounts in respect of the
Participations, required to be made to the Participants on such Payment Date pursuant to the
Master Participation Agreements, and (B)&nbsp;upon receipt of such funds, the Paying Agent shall
make such payments to the Participants by the method and at the address specified for such
purpose in Schedule&nbsp;A to the Master Participation Agreements, or by such other method or at
such other address as such Participants shall have from time to time specified to the
Company and the Paying Agent in writing for such purpose in accordance with the provisions
of the Master Participation Agreements. The Paying Agent shall be under no obligation to
make payments in respect of principal, interest or other amounts in respect of the
Participations to the extent funds sufficient for such payments have not been transferred to
it by the Company or have not otherwise been received as aforesaid. All amounts payable to
the Paying Agent hereunder shall be paid in United States dollars by wire transfer of
immediately available funds. If any payment provided for herein is made late but otherwise
in accordance with this Agreement, the Paying Agent may nevertheless make payments in
respect of the Participations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Presumptions by Paying Agent</U>. Unless the Paying Agent shall have received notice
from the Company prior to the date on which any payment is due to the Paying Agent for the account
of the Participants that the Company will not make such payment, the Paying Agent may assume that
the Company has made such payment on such date in accordance herewith and, in reliance upon such
assumption, may (but shall not be obligated to) distribute to the Participants the amount due. In
such event, if the Company has not in fact made such payment, then each of the Participants agrees
to repay to the Paying Agent forthwith on demand the amount so distributed to such Participant in
immediately available funds with interest thereon for each day from and including the date such
amount was distributed to it to but excluding the date of payment to the Paying Agent at the
Federal Funds Rate. A notice of the Paying Agent to any Participant with respect to any amount
owing under this subsection (b)&nbsp;shall be conclusive, absent manifest error.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Taxes</U>. Any Participant that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Company is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments hereunder,
under the Master Participation Agreements shall deliver to the Company (with a copy to the Paying
Agent), at the time or times prescribed by applicable law or reasonably requested by the Company or
the Paying Agent on behalf of the Company, such properly completed and executed documentation
prescribed by applicable law as will permit such payments to be made without withholding or at a
reduced rate of withholding. In addition, any other Participant shall deliver such other
documentation, including copies of Internal Revenue Service Form W-9, prescribed by applicable law
or reasonably requested by the Company or the Paying Agent as will enable the Company or the Paying
Agent, on behalf of the Company, to determine whether or not such Participant is subject to backup
withholding or information reporting requirements.
</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;Without limiting the generality of the foregoing, each Foreign Participant shall deliver to
the Company and the Paying Agent (in such number of copies as shall be requested by the recipient)
on or prior to the date on which such Foreign Participant becomes a Participant under the Master
Participation Agreements (and from time to time thereafter upon the
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">request of the Company or the Paying Agent, but only if such Foreign Participant is legally
entitled to do so), whichever of the following is applicable:
</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>duly completed originals of Internal
Revenue Service Form W-8BEN claiming eligibility for benefits of an
income tax treaty to which the United States is a party,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>duly completed originals of Internal
Revenue Service Form W-8ECI,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a Foreign Participant
claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x)&nbsp;a certificate to the effect that
such Foreign Participant is not (A)&nbsp;a &#147;bank&#148; within the meaning of
section 881(c)(3)(A) of the Code, (B)&nbsp;a &#147;10&nbsp;percent shareholder&#148; of
the Company within the meaning of section 881(c)(3)(B) of the Code,
or (C)&nbsp;a &#147;controlled foreign corporation&#148; described in section
881(c)(3)(C) of the Code and (y)&nbsp;duly completed originals of
Internal Revenue Service Form W-8BEN, 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other form prescribed by applicable
law as a basis for claiming exemption from or a reduction in United
States Federal withholding tax duly completed together with such
supplementary documentation as may be prescribed by applicable law
to permit the Company or the Paying Agent on behalf of the Company
to determine the withholding or deduction required to be made.</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>4. </B><U><B>Registration of Participations; Transfer and Exchange of Participations; Replacement
Participations</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall be responsible for the registration of Participations and registration of
transfers and exchanges of Participations. On the date of the Closing, the Company shall provide a
copy of the register of Participation with respect to such Participations to the Paying Agent.
Promptly upon any change to the register, the transfer and exchange of any Participation or
Participations (to the extent that the Company has notice of such transfer and exchange and it is
permitted under the Master Participation Agreement), the Company shall provide a copy of the
revised register, including payment instructions and notice information for such new holder, and
Participation or Participations, if any, along with copies of any forms, certificates or other
evidence with respect to Tax matters that any new holder is required to deliver to the Company or
the Paying Agent in accordance with Section 3(c) hereof, to the Paying Agent. The Paying Agent
shall be entitled to rely on the copy of the register last provided by the Company for any purposes
hereof until advised of any change to such register by the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5. </B><U><B>The Paying Agent</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Duties and Responsibilities</U>. In acting hereunder and in connection with the
Master Participation Agreements and the Participations the Paying Agent shall act solely as

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</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">an agent of the Company and will not thereby assume any obligations towards, or relationship
of agency or trust for, any of the Participants. Notwithstanding any provision to the contrary
elsewhere in this Agreement or the Master Participation Agreements, the Paying Agent shall not have
any duties or responsibilities except those expressly set forth herein, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement.
The Paying Agent is not a fiduciary and shall not be subject to any duty or standard of performance
applicable to a fiduciary. There shall be no third-party beneficiaries to this Agreement, and no
legal or equitable right and no remedy or claim is conferred upon any Person other than the parties
hereto. The Paying Agent shall not be required to take any action, including without limitation
any making of payments hereunder, that, in its opinion or the opinion of its counsel, may expose
the Paying Agent to liability or that is contrary to any applicable law, including without
limitation tax withholding requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Delegation of Duties, Etc.</U> The Paying Agent may exercise any of its powers and
perform any of its duties hereunder by or through agents or attorneys and shall be entitled to
consult with legal counsel (who may be counsel to the Company), accountants and other experts
selected by it. Any action taken or omitted to be taken or suffered in good faith by the Paying
Agent in accordance with the opinion of such counsel, accountants or other experts shall be full
justification and protection to it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U>Indemnification</U>. The Company hereby agrees to indemnify the Paying Agent, its
Affiliates and its agents and their respective partners, directors, officers, employees, agents and
advisors (collectively, the &#147;<B>Indemnitees</B>&#148;) from and hold the Indemnitees harmless against any and
all claims, liabilities, obligations, losses, damages, penalties, actions, judgments, suits, and
costs, expenses or disbursements (including reasonable attorney&#146;s fees and expenses) of any kind or
nature whatsoever (&#147;<B>Losses</B>&#148;) imposed on, incurred by, or asserted against any Indemnitee in
connection with or arising out of any action taken or omitted to be taken or suffered in good faith
by such Indemnitee under or in connection with this Agreement, the Master Participation Agreements
or the Participations; <U>provided</U> that, as to any Indemnitee, the Company shall not be liable
for any portion of any Losses determined by a court of competent jurisdiction to have been caused
by the gross negligence or willful misconduct of such Indemnitee. The Company also agrees that,
any provision of the Master Participation Agreements to the contrary notwithstanding, no Indemnitee
shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the
Company related to or arising out of the appointment of the Paying Agent pursuant to, or the
performance by the Paying Agent of the services contemplated by, this Agreement or the Master
Participation Agreements except to the extent that any loss, claim, damage, liability or expense is
found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted
from such Indemnitee&#146;s willful misconduct or gross negligence. The obligations of the Company
under this paragraph will survive the payment of the Participations and the resignation or removal
of the Paying Agent and the termination of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Exculpatory Provisions</U>. No Indemnitee shall be liable to the Company or any third
party for any action taken or omitted to be taken or suffered by it or them hereunder or in
connection herewith, except to the extent of any loss determined by a court of competent
jurisdiction to have been caused by the gross negligence or willful misconduct of such Indemnitee.
The Paying Agent shall not be liable for the effectiveness, enforceability, value,

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</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sufficiency, or validity of this Agreement, the Master Participation Agreements or the
Participations. Without limiting the generality of the foregoing, the Paying Agent shall neither
be responsible for nor have any duty to inquire into any statements, warranties or representations
made by the Company or any Participant in or in connection with this Agreement, the Master
Participation Agreements or the Participations. The Paying Agent shall be entitled to conclusively
rely on any communication, instrument, paper or other document (whether in its original or
facsimile form), including without limitation any certificates provided by the Company or any
Participant, reasonably believed by it to be genuine and correct and to have been signed or sent by
the proper parties. No provision of this Agreement or the Master Participation Agreements shall
require the Paying Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers. The Paying Agent shall not be under any obligation to take any action hereunder which it
expects will result in any expense or liability of the Paying Agent, unless the payment of such
expense or liability has, in the good faith opinion of the Paying Agent, been provided for. Under
no circumstance shall the Paying Agent be liable for special, punitive, indirect or consequential
damages.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>The Paying Agent in Its Individual Capacity</U>. BofA, in its individual capacity,
and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of
business with the Company and its Affiliates as though BofA were not the Paying Agent hereunder.
BofA or any of its Affiliates, in its or their individual or other capacities, may become a holder
of the Participations with the same rights it would have if it were not acting as Paying Agent
hereunder and may engage or be interested in any financial or other transaction with the Company
and may act on, or as a depositary, trustee or agent for, any committee or body of holders of
Participations or other obligations of the Company as freely as if it were not appointed hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>No Duty to Provide Additional Credit Information</U>. Except as expressly set forth
herein, the Paying Agent shall not have any duty or responsibility to provide the Participants with
any information, including information concerning the affairs, financial condition,
creditworthiness or business of the Company which may at any time come into the possession of the
Paying Agent (other than any such information specifically provided to the Paying Agent in
connection with the Master Participation Agreements or the Participations or obtained from the
Company in response to a request by any Participant).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Resignation or Removal of the Paying Agent</U>. The Paying Agent may resign hereunder
at any time by giving 60&nbsp;days&#146; prior written notice thereof to the Company, and may be removed at
any time with or without cause by an instrument in writing delivered by the Company to the Paying
Agent. Such resignation or removal shall become effective on the date specified by the Paying
Agent or the Company, as applicable, in the notice of resignation or removal. Upon the resignation
or removal of the Paying Agent, the Company or its designee shall assume all duties and
responsibilities of the retiring or removed Paying Agent. The Paying Agent shall be entitled to
the payment by the Company of all compensation, if any, owed to it for services rendered hereunder
and to the reimbursement of all out-of-pocket expenses incurred in connection with the services
rendered by it hereunder and to the payment of all other amounts owed to it hereunder.
</DIV>


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</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;(h) <U>Waiver</U>. Any waiver, forbearance, failure or delay by the Paying Agent in
exercising, or the exercise or beginning of exercise by the Paying Agent of, any right, power or
remedy, simultaneous or later, shall not preclude the further, simultaneous or later exercise
thereof, and every right, power or remedy of the Paying Agent shall continue in full force and
effect until such right, power or remedy is specifically waived in a written instrument executed by
the Paying Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Notice of Transfer</U>. Upon receipt of a written notice from the Company to an
officer of the Paying Agent responsible for matters relating to this Agreement of a transfer of a
Participation, the transferee shall be entitled to all benefits of this Agreement, and the Paying
Agent shall treat such transferee as a Participant for all purposes hereof. Prior to such notice,
the Paying Agent shall be justified in treating the prior Participant as the owner thereof and as a
Participant for all purposes hereof and shall not be responsible for ascertaining whether a
transfer has occurred.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>Compensation; Fees; Expenses</U>. The Company shall pay to the Paying Agent a fee of
$20,000.00 for its own account as Paying Agent upon execution of this Agreement and annually on
each anniversary thereof, until the termination of this Agreement. BofA reserves the right to
review the fee, on an annual basis and at the time any material amendment is requested, and propose
an adjustment. Any adjustment as mutually agreed between BofA and the Company will be effective on
the earlier of the date of any material amendment and the anniversary of the execution of this
Agreement. The Paying Agent&#146;s fees shall be fully earned upon becoming due and payable in
accordance with the terms hereof and shall be nonrefundable for any reason whatsoever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6. </B><U><B>Conditions to Paying Agent&#146;s Performance</B></U><B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Closing Date Deliveries</U>. The Paying Agent&#146;s obligation to perform under this
Agreement is subject to satisfaction of the following conditions precedent:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Paying Agent&#146;s receipt of the following, each of which shall be originals or
telecopies (followed promptly by originals) unless otherwise specified, each properly
executed by a Responsible Officer of the Company, on or before the date hereof and each in
form and substance satisfactory to the Paying Agent:
</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>executed counterparts of
this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such certificates of
resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of the Company as
the Paying Agent may reasonably require evidencing the
identity, authority and capacity of each Responsible Officer
thereof authorized to act for the Company in connection with
this Agreement and the Master Participation Agreements;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a true, correct and
complete copy of the Master Participation Agreements and the
Participations; and</TD>
</TR>

</TABLE>
</DIV>
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</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence satisfactory to
the Paying Agent that the conditions to Closing set forth in
the Master Participation Agreements have been met.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any fees required to be paid by the Company on or before the Closing Date shall
have been paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Continuing Delivery Requirements</U>. Immediately after the Master Participation
Agreements or the Loan Documents shall have been amended, supplemented, restated, transferred or
otherwise modified in any manner, the Company shall deliver to the Paying Agent a true, correct and
complete copy of such amendment, supplement, restatement, transfer or modification, along with, in
the case of a transfer of a Participation, the documentation required under subsection 3(c). The
Paying Agent shall be entitled to assume that there has been no amendment, supplement, restatement,
transfer or modification of the Master Participation Agreements or the Loan Documents, unless the
officers of the Paying Agent immediately responsible for matters concerning this Agreement shall
have obtained actual knowledge of such amendment, supplement, restatement, transfer or modification
through the performance of the Paying Agent&#146;s duties hereunder or shall have received a copy of
such amendment, supplement, restatement, transfer or modification, along with, in the case of a
transfer of a Participation, the documentation required under subsection 3(c), from the Company or
any Participant. No amendment, supplement, restatement, transfer or modification of the Master
Participation Agreements shall affect the Paying Agent&#146;s own rights, duties or immunities without
prior written consent of the Paying Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7. </B><U><B>Termination of this Agreement</B></U><B>. </B>Unless the Paying Agent resigns or is removed
pursuant to subsection 5(g) hereof, this Agreement shall terminate upon the satisfaction in full or
discharge of all obligations of Company under this Agreement and the Master Participation
Agreements. Without limiting the foregoing, the bankruptcy, insolvency, dissolution or other
similar event or condition of any Person, including the Company, shall not operate to terminate
this Agreement. Upon the termination of this Agreement, the Company or its designee shall assume
all responsibility for communication with and dissemination of information to the Participants.
The Paying Agent shall be entitled to the payment by the Company of all compensation, if any, owed
to it for services rendered hereunder and to the reimbursement of all out-of-pocket expenses
incurred in connection with the services rendered by it hereunder and to the payment of all other
amounts owed to it hereunder.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>Assignment</U>. This Agreement shall be binding upon and shall inure to the benefit
of the parties and their respective permitted successors and assigns, but does not otherwise
create, and shall not be construed as creating, any rights enforceable by any Person other than the
Paying Agent and the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Amendments</U>. No amendment or waiver of any provision of this Agreement shall in
any event be effective unless the same shall be in writing and shall have been entered into by the
Company and the Paying Agent.
</DIV>


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</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;(c) <U>Governing Law</U>. The validity, interpretation, enforceability, and performance of
this Agreement shall be governed by the law of the State of New York, excluding choice-of-law
principles of the law of such State that would require the application of the laws of a
jurisdiction other than such State.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U>Severability</U>. If any provision of this Agreement, or the application thereof to
any Person, place, or circumstance, shall be held by a court of competent jurisdiction to be
invalid, unenforceable, or void, the remainder of this Agreement and such provisions as applied to
other Persons, places and circumstances shall remain in full force and effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one and the same
instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <U>Confidential Information</U>. For the purposes of this Section&nbsp;8(f), &#147;<B>Confidential
Information</B>&#148; means information delivered to BofA by or on behalf of the Company in connection with
the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in
nature and that was clearly marked or labeled or otherwise adequately identified when received by
BofA as being confidential information of the Company, <U>provided</U> that such term does not
include information that BofA can show (<U>a</U>) was publicly known or otherwise known to BofA
prior to the time of such disclosure, (<U>b</U>) subsequently becomes publicly known through no
act or omission by BofA or any Person acting on BofA&#146;s behalf, (<U>c</U>) otherwise becomes known
to BofA or is independently developed by BofA other than through disclosure by the Company, or
(<U>d</U>) constitutes financial statements that are otherwise publicly available. BofA will
maintain the confidentiality of such Confidential Information in accordance with procedures adopted
by BofA in good faith to protect confidential information of third parties delivered to BofA,
<U>provided</U> that BofA may deliver or disclose Confidential Information to (<U>i</U>) its
directors, officers, employees, agents, attorneys and Affiliates (to the extent such disclosure
reasonably relates to the administration of the matters described in this Agreement), (<U>ii</U>)
BofA&#146;s financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this Section&nbsp;8(f),
(<U>iii</U>) any Participant, (<U>iv</U>) any federal or state regulatory authority having
jurisdiction over BofA, or (<U>v</U>) any other Person to which such delivery or disclosure may be
necessary or appropriate (<U>w</U>) to effect compliance with any law, rule, regulation or order
applicable to BofA, (<U>x</U>) in response to any subpoena or other legal process (only after
giving the Company at least five Business Days&#146; prior written notice of the proposed delivery or
disclosure, if legally permissible), (<U>y</U>) in connection with any litigation to which BofA is
a party (only after giving the Company at least five Business Days&#146; prior written notice of the
proposed delivery or disclosure, if legally permissible) or (<U>z</U>) if the Company breaches
this Agreement to the extent BofA may reasonably determine such delivery and disclosure to be
necessary or appropriate in the enforcement or for the protection of the rights and remedies under
this Agreement. On reasonable request by the Company in connection with the delivery to BofA of
information required to be delivered to BofA under this Agreement or requested by BofA, BofA will
enter into an agreement with the Company embodying the provisions of this Section&nbsp;8(f).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <U>Submission to Jurisdiction</U>. The Company irrevocably submits to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of

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</DIV>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Manhattan, The City of New York, over any suit, action or proceeding arising out of or
relating to this Agreement. To the fullest extent permitted by applicable law, the Company
irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim
that it is not subject to the jurisdiction of any such court, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceeding brought in any
such court and any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <U>Service of Process</U>. The Company consents to process being served by or on behalf
of any party hereto in any suit, action or proceeding by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, return receipt
requested, to it at its address specified on Schedule&nbsp;A annexed hereto. The Company agrees that
such service upon receipt (i)&nbsp;shall be deemed in every respect effective service of process upon it
in any such suit, action or proceeding and (ii)&nbsp;shall, to the fullest extent permitted by
applicable law, be taken and held to be valid personal service upon and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt
furnished by the United States Postal Service or any reputable commercial delivery service.
Nothing herein shall affect the right of any party hereto to serve process in any manner permitted
by law, or limit any right that any party hereto may have to bring proceedings against the Company
in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment
obtained in one jurisdiction in any other jurisdiction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <U>Waiver of Jury Trial</U>. THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION
BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE MASTER PARTICIPATION AGREEMENTS, THE
PARTICIPATIONS OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH; provided,
however, that should any action or proceeding be brought in a court of the State of California in
connection with any of the transactions contemplated by this Agreement or the Master Participation
Agreements, (a)&nbsp;the court shall, and is hereby directed to, make a general reference pursuant to
California Code of Civil Procedure Section&nbsp;638 to a referee or referees to hear and determine all
of the issues in such action or proceeding (whether of fact or of law) and to report a statement
of decision and (b)&nbsp;any issue pertaining to a &#147;provisional remedy&#148; as defined in California Code of
Civil Procedure Section&nbsp;1281.8 shall be heard and determined by the court.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <U>USA Patriot Act Notice</U>. The Paying Agent hereby notifies the Company that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October&nbsp;26, 2001)) (the &#147;<B>Act</B>&#148;), it is required to obtain, verify and record information that
identifies the Company, which information includes the name and address of the Company and other
information that will allow the Paying Agent to identify the Company in accordance with the Act.
</DIV>


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</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;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written.
</DIV>


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    <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"><B>BANK OF AMERICA, N.A.</B>, as Paying Agent<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">/S/ Donna F. Kimbrough
&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">Donna F. Kimbrough&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">Assistant Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><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">/S/ Timothy J. 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 J. 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&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Schedule&nbsp;A</U>
</DIV>



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes Entertainment, Inc.<BR>
130 Cheshire Lane, Suite&nbsp;101<BR>
Minnetonka, Minnesota 55305<BR>
Attention: Damon E. Schramm, Esq. and Timothy J. Cope<BR>
Telephone: (952)&nbsp;449-9092<BR>
Telecopier: (952)&nbsp;449-9353

</DIV>


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<DOCUMENT>
<TYPE>EX-10.17
<SEQUENCE>18
<FILENAME>c13067exv10w17.htm
<DESCRIPTION>DEPOSIT ACCOUNT CONTROL AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w17</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;10.17<BR>
EXECUTION COPY</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Deposit Account Agreement (this &#147;Agreement&#148;) is entered into as of March&nbsp;2, 2007, among
Great Lakes Gaming of Michigan, LLC, a Minnesota limited liability company (the &#147;Company&#148;) and Bank
of America, N.A. (the &#147;Bank&#148;) in its capacity as Paying Agent under the Paying Agency Agreement
referred to herein.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Company and Bank, as Paying Agent, are parties to a Paying Agency and Servicing Agreement
dated on or about the date hereof (as the same may from time to time hereafter to amended, the
&#147;Paying Agency Agreement&#148;). All capitalized terms used herein without definition shall have the
meanings assigned to such terms in the Paying Agency Agreement or, if not specifically defined
therein, in the Master Participation Agreements referred to therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to the Master Participation Agreements, Company has agreed (i)&nbsp;to appoint an agent
for purposes of servicing and administering the Loans, which appointment has been effected by the
Paying Agency Agreement, and (ii)&nbsp;to direct such agent to create and maintain a lockbox or similar
arrangement, which Company intends to effect by this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In its capacity as Paying Agent under the Paying Agency Agreement, Bank has established for
Company deposit account number 8666127567 (the &#147;Account&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Company and Bank are entering into this Agreement to provide for the maintenance of the
Account and the disposition according to the provisions of the Paying Agency Agreement of funds
deposited in the Account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, Company and Bank agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. (a)&nbsp;The Account is subject to the terms and conditions of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Bank in its capacity as Paying Agent under the Paying Agency Agreement shall make
withdrawals from the Account only in accordance with the Paying Agency Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Company represents and warrants that it has not assigned or granted a security interest in
the Account or any funds deposited in the Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Company will not permit the Account to become subject to any pledge, assignment, lien,
charge or encumbrance of any kind.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Bank agrees it shall not offset, charge, deduct or (except as contemplated by Section&nbsp;1)
otherwise withdraw funds from the Account. Bank agrees that its compensation for performing the
</DIV>
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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">services contemplated by this Agreement is included in the fee payable pursuant to the Paying
Agency Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Bank will send information regarding deposits to the Account to the address specified below for
Company or as otherwise specified in writing by Company to Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">4. (a)&nbsp;Bank will not be liable to Company for any expense, claim, loss, damage or cost (&#147;Damages&#148;)
arising out of or relating to its performance under this Agreement other than those Damages which
result directly from its acts or omissions constituting gross negligence or intentional misconduct.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In no event will Bank be liable for any special, indirect, exemplary or consequential
damages, including but not limited to lost profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Bank will be excused from failing to act or delaying in acting, and no such failure or
delay shall constitute a breach of this Agreement or otherwise give rise to any liability of Bank,
if (i)&nbsp;such failure or delay is caused by circumstances beyond Bank&#146;s reasonable control, including
but not limited to legal constraint, emergency conditions, action or inaction of governmental,
civil or military authority, fire, strike, lockout or other labor dispute, war, riot, theft, flood,
earthquake or other natural disaster, breakdown of public or private or common carrier
communications or transmission facilities, equipment failure, or negligence or default of Company
or Participants or (ii)&nbsp;such failure or delay resulted from Bank&#146;s reasonable belief that the
action would have violated any guideline, rule or regulation of any governmental authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Bank shall have no duty to inquire or determine whether Company&#146;s obligations to
Participants are in default. Bank may rely on notices and communications it believes in good faith
to be genuine and given by the appropriate party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Notwithstanding any of the other provisions in this Agreement, in the event of the
commencement of a case pursuant to Title 11, United States Code, filed by or against Company, or in
the event of the commencement of any similar case under then applicable federal or state law
providing for the relief of debtors or the protection of creditors by or against Company, Bank may
act as Bank deems necessary to comply with all applicable provisions of governing statutes and
shall not be in violation of this Agreement as a result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Bank shall be permitted to comply with any writ, levy order or other similar judicial or
regulatory order or process concerning the Account or any Proceeds and shall not be in violation of
this Agreement for so doing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">5. Company shall indemnify Bank against, and hold it harmless from, any and all liabilities,
claims, costs, expenses and damages of any nature (including but not limited to reasonable
attorney&#146;s fees) in any way arising out of or relating to disputes or legal actions concerning
Bank&#146;s provision of the services described in this Agreement. This section does not apply to any
cost or damage attributable to the gross negligence or intentional misconduct of Bank. Company&#146;s
obligations under this section shall survive termination of this Agreement.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">6. Company may terminate this Agreement by written notice to Bank in connection with the
resignation or removal of Bank as Paying Agent under the Paying Agency Agreement. Bank may
terminate this Agreement by written notice to Company in connection with its resignation or removal
as Paying Agent under the Paying Agency Agreement. Otherwise, this Agreement shall terminate upon
the termination of the Paying Agency Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">7. Each party represents and warrants to the other that (i)&nbsp;this Agreement constitutes its duly
authorized, legal, valid, binding and enforceable obligation; (ii)&nbsp;the performance of its
obligations under this Agreement and the consummation of the transactions contemplated hereunder
will not (A)&nbsp;constitute or result in a breach of its certificate or articles of incorporation,
by-laws or partnership agreement, as applicable, or the provisions of any material contract to
which it is a party or by which it is bound or (B)&nbsp;result in the violation of any law, regulation,
judgment, decree or governmental order applicable to it; and (iii)&nbsp;all approvals and authorizations
required to permit the execution, delivery, performance and consummation of this Agreement and the
transactions contemplated hereunder have been obtained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">8. (a)&nbsp;This Agreement may be amended only by a writing signed by Company and Bank.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This Agreement may be executed in counterparts; all such counterparts shall constitute but
one and the same agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Agreement controls in the event of any conflict between this Agreement and any other
document or written or oral statement. This Agreement supersedes all prior understandings,
writings, proposals, representations and communications, oral or written, of any party relating to
the subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;This Agreement shall be interpreted in accordance with New York law without reference to
that state&#146;s principles of conflicts of law.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">9. Any written notice or other written communication to be given under this Agreement shall be
addressed to each party at its address set forth on the signature page of this Agreement or to such
other address as a party may specify in writing. Except as otherwise expressly provided herein,
any such notice shall be effective upon receipt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">10. Nothing contained in the Agreement shall create any agency, fiduciary, joint venture or
partnership relationship between Bank and Company, other than actions taken hereunder by the Bank
in its capacity as Paying Agent pursuant to the Paying Agency Agreement. No provision of this
Agreement shall create any third party beneficiary rights in any person.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Witness Whereof, the parties hereto have executed this Agreement by their duly authorized
officers as of the day and year first above written.
</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="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>Great Lakes Gaming of Michigan, LLC </B><br><B>(&#147;Company&#148;)</B></TD>
</TR>
<TR valign="bottom" style="line-height: 24pt"><!-- 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>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">By:&nbsp;/S/ Timothy J. Cope</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address for notices:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Deposit Account Agreement
</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="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>Bank of America, N.A. </B><br><B>(&#147;Bank&#148;)</B></TD>
</TR>
<TR valign="bottom" style="line-height: 24pt"><!-- 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>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">By: &nbsp;/S/ Donna F. Kimbrough</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address for notices:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donna F. Kimbrough</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assistant Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Signature Page to Deposit Account Agreement
</DIV>



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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>19
<FILENAME>c13067exv99w1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</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">Exhibit&nbsp;99.1
</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="60%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="36%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c13067c1306701.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NEWS RELEASE<BR>
Lakes Entertainment, Inc.<BR>
130 Cheshire Lane, Suite&nbsp;101<BR>
Minnetonka, MN 55305<BR>
952-449-9092<BR>
952-449-9353 (fax)<BR>
www.lakesentertainment.com<BR>
(LACO)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<B>FOR FURTHER INFORMATION CONTACT:<BR></B>
Timothy J. Cope 952-449-7030
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV><BR>
<B>FOR IMMEDIATE RELEASE:</B><BR>
Monday, March&nbsp;5, 2007

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LAKES ENTERTAINMENT, INC. ANNOUNCES<BR>
ENTERING INTO PARTICIPATION AGREEMENTS AND REPAYMENT<BR>
OF CREDIT FACILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MINNEAPOLIS, March&nbsp;5, 2007 &#151; Lakes Entertainment, Inc. (NASDAQ: LACO) </B>announced today that on
March&nbsp;2, 2007, Lakes Entertainment, Inc. (&#147;Lakes&#148;) through its wholly-owned subsidiary, Great Lakes
Gaming of Michigan, LLC (&#147;Great Lakes&#148;), closed on the sale of non-recourse, continuing, undivided
participations (collectively, the &#147;Loan Participations&#148;) in all of Great Lakes&#146; notes and loans in
the aggregate face amount of approximately $104.2&nbsp;million including principal of approximately
$71.2&nbsp;million and accrued interest of approximately $33.0 (collectively, the &#147;Loans&#148;). The Loans
include:
</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Third Amended and Restated Lakes Development Note dated as of January&nbsp;25, 2006 in
the principal amount of $46,000,000 issued by the Pokagon Band of Potawatomi Indians in
favor of Great Lakes.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Third Amended and Restated Transition Loan Note dated as of January&nbsp;25, 2006 in the
principal amount of $12,000,000 issued by the Pokagon Band of Potawatomi Indians in favor
of Great Lakes.</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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Third Amended and Restated Non-Gaming Land Acquisition Line of Credit Agreement
dated as of January&nbsp;25, 2006 in the principal amount of $13,200,000 between Pokagon Band of
Potawatomi Indians and Great Lakes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no effect on the Pokagon Gaming Authority or the Four Winds Casino Resort as a result of
the Loan Participations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Loan Participations were sold without recourse to Great Lakes at 98% of the fully accrued
amount of the Loans for a total aggregate purchase price of approximately $102.1&nbsp;million paid in
cash. Lakes immediately repaid its loan under the existing $105&nbsp;million credit agreement
(&#147;Credit Agreement&#148;) through a wholly-owned subsidiary with Bank of America N.A. (&#147;BofA&#148;) and
various other lenders, using the proceeds from the Loan Participations in addition to funds held in
a Lakes&#146; interest reserve account that
</DIV>

</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">had been set up to fund the interest on the $105&nbsp;million Credit Agreement. In
accordance with the terms of the transactions, Lakes incurred fees of approximately $1.0&nbsp;million
related to the Loan Participations and paid a prepayment penalty in the amount of approximately
$1.1&nbsp;million related to the extinguishment of the Credit Agreement. The Loan Participations will
result in the loans being accounted for as if sold by Great Lakes during fiscal 2007, and Lakes
will no longer have rights or obligations related to the Pokagon loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;The reason we completed the participation agreements was to allow us to repay all of our
outstanding debt and provide us with approximately $5.0&nbsp;million after full repayment,&#148; stated Tim
Cope, President and Chief Financial Officer of Lakes. &#147;With no debt on our books, we have created
financial flexibility for our Company with respect to how we fund our capital needs and pursue
other projects. Neither of these transactions have any effect on our existing contract with the
Pokagon Gaming Authority to open and manage the Four Winds Casino Resort. The Pokagon Band and
Lakes continue to look forward to the project opening in August of this year.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Lakes Entertainment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes Entertainment, Inc. currently has development and management agreements with five separate
Tribes for new casino operations in Michigan, California, and Oklahoma, a total of eight separate
casino sites. In addition, Lakes has announced plans to develop a company owned casino resort
project in Vicksburg, Mississippi. The Company also owns approximately 61% of WPT Enterprises, Inc.
(NASDAQ &#147;WPTE&#148;), a separate publicly held media and entertainment company principally engaged in
the development, production and marketing of gaming themed televised programming including the
World Poker Tour<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> television series, the licensing and sale of branded consumer products
and the sale of corporate sponsorships.
</DIV>

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Private Securities Litigation Reform Act of 1995 provides a &#147;safe harbor&#148; for
forward-looking statements. Certain information included in this press release (as well as
information included in oral statements or other written statements made or to be made by Lakes
Entertainment, Inc.) contains statements that are forward-looking, such as statements relating to
plans for future expansion and other business development activities as well as other capital
spending, financing sources and the effects of regulation (including gaming and tax regulation) and
competition. Such forward-looking information involves important risks and uncertainties that could
significantly affect anticipated results in the future and, accordingly, such results may differ
from those expressed in any forward-looking statements made by or on behalf of the Company. These
risks and uncertainties include, but are not limited to, need for current financing to meet Lakes&#146;
operational and development needs; those relating to the inability to complete or possible delays
in completion of Lakes&#146; casino projects, including various regulatory approvals and numerous other
conditions which must be satisfied before completion of these projects; possible termination or
adverse modification of management or development contracts; Lakes operates in a highly competitive
industry; possible changes in regulations; reliance on continued positive relationships with Indian
tribes and repayment of amounts owed to Lakes by Indian tribes; continued contracts with the Pawnee
Nation as a result of the change in its business council membership; possible need for future
financing to meet Lakes&#146; expansion goals; risks of entry into new businesses; reliance on Lakes&#146;
management; and the fact that the WPTE shares held by Lakes are currently not liquid assets, and
there is no assurance that Lakes will be able to realize value from these holdings equal to the
current or future market value of WPTE common stock. There are also risks and uncertainties
relating to WPTE that may have a material effect on the Company&#146;s consolidated results of
operations or the market value of the WPTE shares held by the Company, including WPTE&#146;s significant
dependence on the Travel Channel as a source of revenue; the potential that WPTE&#146;s television
programming will fail to maintain a sufficient audience; difficulty of predicting the growth of
WPTE&#146;s online casino business, which is a relatively new industry with an increasing number of
market entrants; the increased time, cost and expense of developing and maintaining WPTE&#146;s own
online gaming software; the risk that WPTE may not be able to protect its entertainment concepts,
current and future brands and other intellectual property rights; the risk that competitors with
greater financial resources or marketplace presence might develop television programming that would
directly compete with WPTE&#146;s television programming; risks associated with future expansion into
new or complementary businesses; the termination or impairment of WPTE&#146;s relationships with key
licensing and strategic partners; and WPTE&#146;s dependence on its senior management team. For more
information, review the Company&#146;s filings with the Securities and Exchange Commission.
</DIV>
</DIV>



</DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
