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<SEC-DOCUMENT>0000950137-08-012439.txt : 20081006
<SEC-HEADER>0000950137-08-012439.hdr.sgml : 20081006
<ACCEPTANCE-DATETIME>20081006161540
ACCESSION NUMBER:		0000950137-08-012439
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20080930
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20081006
DATE AS OF CHANGE:		20081006

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:		081109701

	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>c46742e8vk.htm
<DESCRIPTION>FORM 8-K
<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: 10pt; margin-top: 18pt"><B>CURRENT REPORT</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 0pt"><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): September&nbsp;30, 2008</B></DIV>

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

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Minnesota<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(State or other jurisdiction of <BR>
incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-24993<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Commission File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-1913991<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(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, Minnetonka, Minnesota<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55305<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
</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 Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;9.01. Financial Statements and Exhibits.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="c46742exv10w1.htm">Exhibit 10.1 - Intercreditor and Subordination Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c46742exv10w2.htm">Exhibit 10.2 - Amended Intercreditor Agreement</A></TD></TR>
<TR><TD colspan="9"><A HREF="c46742exv99w1.htm">Exhibit 99.1 - 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 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 Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;1, 2008, Lakes Entertainment, Inc. (&#147;<B>Lakes</B>&#148;) disclosed that the Shingle Springs
Tribal Gaming Authority (the &#147;<B>Authority</B>&#148;), an affiliate of the Shingle Springs Band of Miwok
Indians (&#147;<B>Shingle Springs Tribe</B>&#148;), closed on the $77&nbsp;million furniture, furnishings and equipment
financing (the &#147;<B>FF&#038;E financing</B>&#148;) for the Red Hawk Casino. Pursuant to that financing, Lakes&#146;
subsidiary, Lakes KAR &#151; Shingle Springs, LLC (the &#147;<B>Manager</B>&#148;), entered into an Intercreditor and
Subordination Agreement, dated as of September&nbsp;30, 2008, with Bank of Utah, as FF&#038;E agent (<B>&#147;Bank of
Utah</B>&#148;), by which payment of the loans made by the Manager to the Shingle Springs Tribe and assumed
by the Authority and other amounts payable by the Authority under the management and development
agreements (including management fees payable to Manager with respect to the Red Hawk Casino), as
well as security interests securing such payments, have been subordinated to the payment of and
security interest securing the FF&#038;E Loan. Also as a result of the FF&#038;E financing, Manager entered
into a First Amendment to Intercreditor and Subordination Agreement, dated as of September&nbsp;30,
2008, with The Bank of New York Mellon Trust Company, N.A., as Collateral Agent (&#147;<B>BONY</B>&#148;), which
amended the intercreditor and subordination agreement dated as of June&nbsp;28, 2007 which Manager
entered into with BONY, by which payment of loans made by Manager to the Shingle Springs Tribe and
assumed by the Authority and other amounts payable by the Authority under the development and
management agreement (including management fees payable to Manager with respect to the Red Hawk
Casino), as well as security interests securing such payments, had been subordinated to the payment
of and security interest securing the $450&nbsp;million senior note financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of the agreements are attached as exhibits to this Current Report on Form 8-K as
Exhibits 10.1 and 10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of the press release is attached as Exhibit&nbsp;99.1 to this Form 8-K.
</DIV>
<!-- link2 "Item&nbsp;9.01. Financial Statements and Exhibits." -->
<DIV align="left"><A NAME="001"></A></DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="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>Exhibits</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">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intercreditor and Subordination Agreement, dated as of September&nbsp;30, 2008, with Bank
of Utah, as FF&#038;E agent.</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">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>First Amendment to Intercreditor and Subordination Agreement, dated as of September
30, 2008, with The Bank of New York Mellon Trust Company, N.A., as Collateral Agent.</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">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lakes Entertainment, Inc. Press Release dated October&nbsp;1, 2008</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="002"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
</DIV>

<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">LAKES ENTERTAINMENT, INC.<BR>
(Registrant)<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: October 6, 2008&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>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>c46742exv10w1.htm
<DESCRIPTION>EXHIBIT 10.1 - INTERCREDITOR AND SUBORDINATION AGREEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


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


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

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


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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">dated as of September&nbsp;30, 2008

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">between

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>LAKES KAR-SHINGLE SPRINGS, LLC,</B><BR>
as lender under the Lakes Notes and as Manager of the Project

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BANK OF UTAH,</B><BR>
as FF&#038;E Agent

</DIV>

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

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>1.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Definitions and General Provisions </TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Interpretation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>2.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Deferral and Subordination of Lakes Obligations </TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferral and Accrual of Lakes Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination to FF&#038;E Secured Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Default on FF&#038;E Secured Obligations</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deferral Not a Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Continuing Subordination</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination of the Lakes Obligations upon Insolvency or Liquidation Proceeding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Judgment Liens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">When Proceeds Must be Paid Over</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subrogation</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>3.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">FF&#038;E Collateral </TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Separate Collateral</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirmation of Liens</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>4.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Rights and Limitation of Actions With Respect to FF&#038;E Collateral </TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to Lakes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to the FF&#038;E Secured Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notification of Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Waivers by Lakes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Rights and Limitations with Respect to Amendments, Waivers and Other Actions
Under Facilities </TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights and Limitations Applicable to FF&#038;E Secured Parties</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation of Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>6.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Insolvency or Liquidation Proceedings </TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right to File Involuntary Bankruptcy</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Agreements and Consents by Lakes</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>7.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Representations and Warranties </TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Organization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorization</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Binding Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Consent Required</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Conflict</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Lien</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>8.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Miscellaneous Provisions</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.1</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices; Addresses</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.2</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Further Assurances</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.3</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Waiver</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.4</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entire Agreement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.5</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Governing Law</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.6</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Severability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.7</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitations on Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.9</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jurisdiction, Waiver of Immunity</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.10</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.11</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.12</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Third Party Beneficiaries</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.13</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendments</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.14</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legends</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.15</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.16</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorneys&#146; Fees</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.17</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">JURY TRIAL WAIVER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Intercreditor and Subordination Agreement (this &#147;<B><I>Agreement</I></B>&#148;) is dated as of September&nbsp;30,
2008 and is by and between Lakes KAR-Shingle Springs, LLC, a Delaware limited liability company
(together with its successors, assigns and transferees, &#147;<B><I>Lakes</I></B>&#148;), as lender under the Lakes Notes
(as defined below) and as Manager under the Development and Management Agreement (each as defined
below) and Bank of Utah, a Utah state bank, as collateral agent (in such capacity and together with
its successors in such capacity, the &#147;<B><I>FF&#038;E Agent</I></B>&#148;) for the FF&#038;E Financing Parties (as defined
below).
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>A. Project</B>. The Shingle Springs Tribal Gaming Authority (the &#147;<B><I>Authority</I></B>&#148;), a wholly-owned
unincorporated instrumentality of the Shingle Springs Band of Miwok Indians, a federally recognized
Indian tribe (the &#147;<B><I>Tribe</I></B>&#148;), is constructing and plans to develop and operate the Red Hawk Casino, a
casino complex with related ancillary facilities (originally contemplated to be known as the
Foothill Oaks Casino, and as such casino may hereafter be operated under any other name or names,
such complex and related facilities being herein referred to as the &#147;<B><I>Project</I></B>&#148;), located in El
Dorado County, California.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>B. Development and Management Agreement</B>. Lakes and the Tribe entered into that certain First
Amended and Restated Memorandum of Agreement Regarding Gaming Development and Management Agreement,
dated as of October&nbsp;13, 2003, as amended by an Amendment dated June&nbsp;16, 2004, a Second Amendment
dated January&nbsp;23, 2007, and a Third Amendment dated as of May&nbsp;17, 2007 (as subject to the
Assignment and Assumption Agreement referred to below, the &#147;<B><I>Development and Management Agreement</I></B>&#148;),
pursuant to and in connection with which the Tribe agreed to pay to Lakes (as the manager of the
Project and, in such capacity the <I>&#147;</I><B><I>Manager</I></B><I>&#148;</I>) a management fee in consideration for Lakes&#146; services
relating to the management and operation of the Project and certain indemnification and other
payments (such management fees and other payments being herein collectively referred to as the
&#147;<B><I>Development and Management Agreement Obligations</I></B>&#148;) and pursuant to which Lakes advanced (or has
committed to advance) loans under a credit facility (the &#147;<B><I>Lakes Facility</I></B>&#148;) evidenced by the Lakes
Notes (as defined below) for the purposes described in the Development and Management Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>C. Assignment and Assumption Agreement</B>. Pursuant to an Assignment and Assumption Agreement,
dated as of April&nbsp;20, 2007 (the &#147;<B><I>Assignment and Assumption Agreement</I></B>&#148;), the Tribe assigned, and the
Authority assumed, the rights and obligations of the Tribe under the Development and Management
Agreement, the Lakes Notes and other Lakes Transaction Documents (as defined below).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>D. FF&#038;E Facilities</B>. The FF&#038;E Financing Parties (as hereinafter defined) have agreed (subject
to certain conditions) to finance the Authority&#146;s acquisition of the furniture, furnishings and
equipment for the Project and related transaction costs pursuant to (i)&nbsp;the Loan Agreement of even
date herewith (as amended from time to time, the <I>&#147;</I><B><I>FF&#038;E Loan Agreement</I></B><I>&#148;</I>) among the Authority, the
Tribe, the FF&#038;E Agent and the financial institutions listed on <B><U>Schedule&nbsp;A</U> </B>attached thereto
(together with each successive and additional lender thereunder, the <I>&#147;</I><B><I>Lenders</I></B><I>&#148;</I>), and (ii)&nbsp;the Indenture and Note Purchase
Agreement of even date herewith (as amended from time to time, the &#147;<B><I>FF&#038;E Indenture</I></B>&#148; and, together
with the FF&#038;E
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Loan Agreement, the &#147;<B><I>FF&#038;E Facilities</I></B>&#148;) among the Authority, the Tribe, the FF&#038;E Agent, the Trustee
party thereto (the &#147;<B><I>FF&#038;E Trustee</I></B>&#148;), and the financial institutions listed on <B><U>Schedule&nbsp;A</U> </B>attached
thereto (together with each successive and additional holder thereunder, and together with the
Lenders, the &#147;<B><I>FF&#038;E Financing Parties</I></B>&#148;). The FF&#038;E Facilities are secured by a first priority lien on
the FF&#038;E Collateral (as defined below).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>E. Intercreditor and Subordination Agreement</B>. The parties hereto desire to enter into this
Agreement in order to set forth certain provisions relating to the subordination of the Lakes
Obligations and certain other matters with respect thereto.
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.1 Definitions</B>. Unless otherwise defined herein or the context otherwise requires, terms
used in this Agreement, including the preamble and recitals, have the meanings provided in <U>Appendix
I</U> to the FF&#038;E Loan Agreement and the FF&#038;E Indenture. The following terms have the meanings set
forth below:
</DIV>


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


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bond Intercreditor Agreement</B>&#148; means the Intercreditor and Subordination Agreement dated as of
June&nbsp;28, 2007, between Lakes, The Bank of New York Trust Company, N.A. as Trustee, and The Bank of
New York Trust Company, N.A., as Collateral Agent.
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Discharge</B>&#148; (i)&nbsp;in respect of the FF&#038;E Facilities, means the indefeasible satisfaction and
discharge or other satisfaction or payment in cash in full of the FF&#038;E
Secured Obligations, and (ii)&nbsp;in respect of the First Lien Secured Obligations, means
&#147;Discharge&#148; as defined in the Bond Intercreditor Agreement.
</DIV>


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


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


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


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


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Secured Obligations</B>&#148; means all Obligations of the Authority to the FF&#038;E Secured Parties
under the FF&#038;E Financing Agreements.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>FF&#038;E Security Agreement</B>&#148; means the Security Agreement as of even date herewith between the
Authority and the FF&#038;E Agent.
</DIV>


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Insolvency or Liquidation Proceeding</B>&#148; means (a)&nbsp;any case commenced by or
</DIV>

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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Notes</B>&#148; means the Interim Promissory Note and the Operating Note, each as defined in the
Development and Management Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Obligations</B>&#148; means any present or future Obligations of the Authority to or for the
benefit of Lakes or any of its Affiliates under the Lakes Transaction Documents or otherwise
(including without limitation the Obligations under the Lakes Notes and the Development and
Management Agreement Obligations), as each such Obligation may be refinanced, assumed, transferred
or replaced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Lakes Transaction Documents</B>&#148; means the Development and Management Agreement, the Lakes Notes
and the other Transaction Documents (as defined in the Development and Management Agreement).
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;Obligations&#148; </B>means any principal (including reimbursement obligations with respect to letters
of credit whether or not drawn), interest (including, to the extent legally permitted, all interest
accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate,
including without limitation any applicable post-default rate, specified in any applicable
documentation, even if such interest is not enforceable, allowable or allowed as a claim in such
proceeding), premium (if any), fees, indemnifications, reimbursements, expenses and other
liabilities payable under any applicable documentation.
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.2 Interpretation</B>. To the extent that reference is made in this Agreement to any other
agreement, or to any term (including, without limitation, the term &#147;FF&#038;E Collateral&#148;) defined in
any other agreement, or to any other provision of any other agreement, such reference shall refer
to such agreement as in effect as of the date hereof, and such term or provision shall continue to
have the original meaning thereof as of the
date hereof, in each case notwithstanding any termination, expiration or amendment of such
other agreement as may hereafter occur; <u><I>provided</I></u>, <u><I>however</I></u>, that to the extent that any agreement to
which both of the parties hereto are
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.1 Deferral and Accrual of Lakes Obligations</B>. Without limiting <U>Section&nbsp;2.3</U> below, Lakes
agrees that any payment of Lakes Obligations (a)&nbsp;not permitted to be paid pursuant to the FF&#038;E
Facilities or (b)&nbsp;the payment of which will result in or cause an Event of Default under the FF&#038;E
Facilities shall be deferred and shall accrue and may be paid only at such time as the payment of
such amounts so deferred would otherwise be permitted pursuant to the provisions of the FF&#038;E
Facilities and would not result or cause an Event of Default under the FF&#038;E Facilities, and Lakes
will not ask, demand, sue for, take or receive from the Authority, by set-off or in any other
manner, direct or indirect payment (whether in cash or property), any amounts so deferred or any
transfer of property in payment of or as additional security for any amounts so deferred. This
<U>Section&nbsp;2.1</U> shall not limit Lakes&#146; rights with respect to any payment of Lakes Obligations not
required to be so deferred, and Lakes may take any action with respect to any such payment so long
as such action is not prohibited by this Agreement and the FF&#038;E Facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.2 Subordination to FF&#038;E Secured Obligations</B>. Notwithstanding any provision of the Lakes
Transaction Documents to the contrary, all Lakes Obligations shall be subordinate and junior in
right of payment, to the extent and in the manner set forth in this <U>Section&nbsp;2</U>, to the Discharge of
all FF&#038;E Secured Obligations. For the avoidance of doubt, the FF&#038;E Agent agrees that, subject to
the provisions of <U>Section&nbsp;2.3</U>, at any time prior to the Discharge of the FF&#038;E Secured Obligations,
the Authority may make, and Lakes may receive and retain, payments with respect to the Lakes
Obligations, so long as such payments are permitted to be paid pursuant to, and will not result in
or cause an Event of Default under, the FF&#038;E Facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.3 Default on FF&#038;E Secured Obligations</B>. In the event that any Event of Default shall occur
and be continuing with respect to the FF&#038;E Facilities, or if any payment of Lakes Obligations would
create an Event of Default under the FF&#038;E Facilities, unless and until the prior Discharge of all
FF&#038;E Secured Obligations, the right of Lakes to receive any payments or other distributions with
respect to Lakes Obligations shall be deferred until such Event of Default is no longer continuing
or the making of such payment will not result in an Event of Default, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.4 Deferral Not a Default. </B>Lakes agrees that any deferral pursuant to this <U>Section&nbsp;2</U> of the
payment of any Lakes Obligations shall not constitute a default under any Lakes Transaction
Document so long as the FF&#038;E Facilities have not been accelerated. Notwithstanding the foregoing,
this Agreement shall not limit, restrict or otherwise impair any right of Lakes to terminate the
Development and Management Agreement or any other Lakes Transaction Document in accordance with the
terms thereof other than as a result of any such non-payment under the Lakes Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.5 Continuing Subordination. </B>The subordination effected by this <u>Section&nbsp;2</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">is a continuing subordination and may not be modified or terminated by Lakes until the
prior Discharge of all FF&#038;E Secured Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6 Subordination of the Lakes Obligations upon Insolvency or Liquidation Proceeding</B>. Without
limiting the application of <U>Section&nbsp;6</U>, in the event of any distribution, division or application,
partial or complete, voluntary or involuntary, by operation of law or otherwise, of all or any part
of the assets of the Authority or the proceeds thereof to creditors of the Authority or upon any
Indebtedness or other Obligation of the Authority, by reason of the liquidation, dissolution or
other winding up, partial or complete, of the Authority, or any Insolvency or Liquidation
Proceeding, then and in any such event:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6.1 </B>The holders of FF&#038;E Secured Obligations shall be entitled to receive payment in full in
cash of all such FF&#038;E Secured Obligations before Lakes shall be entitled to receive any payment or
other distributions on, or with respect to, the Lakes Obligations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6.2 </B>Any payment or distribution of any kind or character, whether in cash, securities or
other property, which but for these provisions would be payable or deliverable upon or with respect
to the Lakes Obligations shall instead, subject to the rights under the Bond Intercreditor
Agreement of the holders of the First Lien Secured Obligations or any trustee or agent for such
holders, be paid or delivered directly to the FF&#038;E Agent for application on the FF&#038;E Secured
Obligations, whether then due or not due, until such FF&#038;E Secured Obligations shall have first been
Discharged;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6.3 </B>Subject to the condition subsequent that the First Lien Secured Obligations shall have
been Discharged, (a)&nbsp;Lakes hereby irrevocably authorizes and empowers the FF&#038;E Agent, and appoints
the FF&#038;E Agent as attorney-in-fact, to demand, sue for, collect and receive every such payment or
distribution in respect of the Lakes Obligations and give acquittance therefor, and to file and
vote claims in respect of the Lakes Obligations (in bankruptcy proceedings or otherwise) and take
such other actions, in the FF&#038;E Agent&#146;s own name or otherwise, as the FF&#038;E Agent may deem necessary
or advisable for the enforcement of these provisions, and (b)&nbsp;Lakes shall duly and promptly take
such action as may be reasonably requested by the FF&#038;E Agent to assist in the collection of the
Lakes Obligations for the account of any holder of the FF&#038;E Secured Obligations, and to file
appropriate proofs of claim with respect to the Lakes Obligations and to vote the same, and to
execute and deliver to the FF&#038;E Agent on demand such powers of attorney, proofs of claim,
assignments of claim or other instruments as may be reasonably requested by the FF&#038;E Agent to
enable the FF&#038;E Agent or any other holder of FF&#038;E Secured Obligations to enforce any and all claims
upon or with respect to the Lakes Obligations and to collect and receive any and all payments or
distributions which may be payable or deliverable at any time upon or with respect to the Lakes
Obligations. In addition, Lakes shall not take any action (whether oral, written or otherwise) in
contravention of any action of the FF&#038;E Agent duly taken and permitted hereunder. Such appointment as attorney-in-fact pursuant to this <U>Section&nbsp;2.6.3</U>
is irrevocable and coupled with an interest until payment in full in cash and complete performance
of all the FF&#038;E Secured Obligations. The FF&#038;E Agent may appoint a substitute attorney-in-fact.
Lakes ratifies all actions reasonably taken by the attorney-in-fact following the Discharge of the
First Lien Secured Obligations but, nevertheless, if the FF&#038;E Agent requests, Lakes will
specifically ratify any such action taken by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">the attorney-in-fact by executing and delivering to
the attorney-in-fact or to any entity designated by the attorney-in-fact all documents necessary to
effect such ratification; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.6.4 </B>Following any Insolvency or Liquidation Proceedings or Event of Default under the FF&#038;E
Facilities, Lakes will, subject to the rights under the Bond Intercreditor Agreement of the holders
of the First Lien Secured Obligations or any trustee or agent for such holders, forthwith deliver
any direct or indirect payment thereafter made to it upon or with respect to the Lakes Obligations
prior to the Discharge of all FF&#038;E Secured Obligations to the FF&#038;E Agent in precisely the form
received (except for the endorsement or assignment by Lakes where necessary) for application on the
FF&#038;E Secured Obligations, whether then due or not due. Until so delivered, the payment or
distribution shall, subject to the rights under the Bond Intercreditor Agreement of the holders of
the First Lien Secured Obligations or any trustee or agent for such holders, be held in trust by
Lakes as property of the holders of the FF&#038;E Secured Obligations. In the event of the failure by
Lakes to make any such endorsement or assignment, following the Discharge of the First Lien Secured
Obligations, the FF&#038;E Agent, or any of its officers or employees, are hereby irrevocably authorized
to make the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.7 Judgment Liens</B>. In the event Lakes becomes a judgment Lien creditor in respect of any
assets of the Authority as a result of its enforcement of its rights as a creditor with respect to
the Lakes Obligations, such judgment Lien shall be subject to the terms of this Agreement for all
purposes (including in relation to the FF&#038;E Secured Obligations).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.8 When Proceeds Must be Paid Over</B>. Any payment received by Lakes (including, without
limitation, payments and prepayments made for application against the Lakes Obligations) prior to
the Discharge of all FF&#038;E Secured Obligations when such payment is not expressly permitted by the
terms of this Agreement or the FF&#038;E Facilities shall, subject to the rights under the Bond
Intercreditor Agreement of the holders of the First Lien Secured Obligations or any trustee or
agent for such holders, be held in trust for the benefit of the holders of FF&#038;E Secured Obligations
and shall, following the Discharge of the First Lien Secured Obligations, be turned over to the
FF&#038;E Agent promptly upon the request of the FF&#038;E Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.9 Subrogation</B>. With respect to the value of any payments or distributions in cash, property
or other assets that Lakes pays over to the FF&#038;E Agent or any of the FF&#038;E Secured Parties under the
terms of this Agreement, Lakes shall be subrogated to the rights of the FF&#038;E Agent or such FF&#038;E
Secured Parties; <I>provided</I>, <I>however</I>, that, Lakes hereby agrees not to assert or enforce any such
rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of
all FF&#038;E Secured Obligations has occurred. To the extent permitted by applicable law, the value of any
payments or distributions in cash, property or other assets received by Lakes that are paid over to
the FF&#038;E Agent or any FF&#038;E Secured Party pursuant to this Agreement shall not reduce any of the
Lakes Obligations.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.1 Separate Collateral</B>. The FF&#038;E Collateral secures only the FF&#038;E Secured Obligations and
not any of the Lakes Obligations, and, as provided in <U>Section&nbsp;7.7</U>, Lakes shall not have any Liens
thereon or any security interest therein.
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.2 Confirmation of Liens</B>. Lakes hereby confirms and agrees that the FF&#038;E Secured Obligations
shall be secured by a first priority lien on, and security interest in, the FF&#038;E Collateral,
notwithstanding (a)&nbsp;the availability of any other collateral, (b)&nbsp;the execution, delivery,
recording, filing or perfection of any of the FF&#038;E Security Documents, or the order of such
execution, delivery, recording, filing or perfection or the priorities which would otherwise result
therefrom, (c)&nbsp;the fact that any Lien or security interest created by the FF&#038;E Security Documents,
or any claim with respect thereto, is or may be subordinated, avoided or disallowed in whole or in
part under any Bankruptcy Law, or (d)&nbsp;any other matter whatsoever. All provisions of this
Agreement, including but not limited to, all matters relating to the creation, validity,
perfection, priority, subordination and release of the Liens and security interests intended to be
created by any FF&#038;E Security Document and all provisions regarding the allocation and priority of
payments with respect to any FF&#038;E Financing Agreement shall survive any Insolvency or Liquidation
Proceeding and be fully enforceable by and against each FF&#038;E Secured Party during any such
proceeding. In the event of an Insolvency or Liquidation Proceeding, Lakes further confirms and
agrees that the FF&#038;E Secured Obligations due and outstanding under and with respect to the FF&#038;E
Financing Agreements shall include all principal, additional advances permitted thereunder,
interest, default interest, London Interbank Offered Rate (LIBOR)&nbsp;breakage and swap breakage, post
petition interest and all other amounts due thereunder, for periods before and for periods after
the commencement of any such proceedings, even if the claim for such amounts is disallowed pursuant
to applicable law, and all proceeds from the sale or other disposition of the FF&#038;E Collateral shall
be paid to the FF&#038;E Secured Parties in the order and priority provided for in this <U>Section&nbsp;3</U>
notwithstanding the disallowance of any such claim or the invalidity or subordination of any Lien
on or security interest in the FF&#038;E Collateral under applicable law.
</DIV>


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

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


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take possession of or control over any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise any collection rights in respect of any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise any right of set-off against any property subject to any Lien
securing any FF&#038;E Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>foreclose upon any FF&#038;E Collateral or take or accept any transfer of
title in lieu of foreclosure upon any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enforce any claim to the proceeds of insurance upon any FF&#038;E
Collateral;</TD>
</TR>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver any notice, claim or demand relating to the FF&#038;E Collateral to
any Person (including any securities intermediary, depositary bank or
landlord) in the possession or control of any FF&#038;E Collateral or acting as
bailee, custodian or agent for any of the FF&#038;E Secured Obligations in
respect of any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise enforce any remedy available upon default for the
enforcement of any Lien upon any FF&#038;E Collateral;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>deliver any notice or commence any proceeding for any of the foregoing
purposes; 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek relief in any Insolvency or Liquidation Proceeding permitting it
to do any of the foregoing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.1.2 </B>Nothing in this Agreement or any other FF&#038;E Financing Agreement shall affect Lakes&#146;
rights vis a vis creditors of the Authority other than the FF&#038;E Secured Parties.
</DIV>

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.3 Notification of Events of Default</B>. Each party hereto hereby agrees, for the benefit of the
other party, to use its best efforts to provide written notice to the other party within ten (10)
Business Days after obtaining actual knowledge of the occurrence or assertion of an Event of
Default under their respective Facilities. No party shall have any liability to the other for
failing to provide any such notice.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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




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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right of subrogation to the rights or interests of the FF&#038;E Secured Parties
or any claim or defense based upon impairment of any such right of subrogation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any right of marshalling accorded to a junior lienholder, as against a priority
lienholder, under equitable principles; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any statutory right of appraisal or valuation accorded to a junior lienholder
in a proceeding to foreclose a senior Lien;</TD>
</TR>

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1.1 </B>The FF&#038;E Secured Parties may at any time and from time to time, without the consent of
or notice to Lakes, without incurring any responsibility or liability to Lakes and without in any
manner prejudicing, affecting or impairing the ranking or priority of the Liens and the security
interests in the FF&#038;E Collateral created by the FF&#038;E Security Documents or the rights and
obligations of the parties hereunder, take (or instruct the FF&#038;E Agent to take) any of the
following, subject to the provisions of <u>Section&nbsp;1.2</u> and
<u>Section&nbsp;5.2</u>:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make loans and advances to the Authority (including pursuant to any Facility
Increase) or issue, guaranty or obtain letters of credit for account of the
Authority or otherwise extend credit to the Authority in any amount and on any
terms, whether pursuant to a commitment or as a discretionary advance and whether
or not any default or Event of Default or failure of condition is then continuing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the manner, place or terms of payment or extend the time
of payment of, or renew or alter, compromise, accelerate, extend or, subject to
<u>Section&nbsp;8.13</u>, refinance any FF&#038;E Secured Obligations or any agreement, guaranty,
Lien or obligation of the Authority or any other Person in any manner related
thereto, or otherwise amend, supplement or change in any manner any FF&#038;E Secured
Obligations or Liens securing FF&#038;E Secured Obligations or any such agreement,
guaranty, Lien or obligation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase or reduce the amount of any FF&#038;E Secured Obligation or the interest,
premium, fees or other amounts payable in respect thereof;</TD>
</TR>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>release or discharge any FF&#038;E Secured Obligation or any guaranty thereof or any
agreement or obligation of the Authority or any other Person with respect thereto;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>take or fail to take any first priority Lien or any other collateral security
for any FF&#038;E Secured Obligation or take or fail to take any action which may be
necessary or appropriate to ensure that any Lien securing an FF&#038;E
Secured Obligation or any other Lien upon any property is duly enforceable
or perfected or entitled to priority as against any other Lien or to
ensure that any proceeds of any property subject to any Lien are applied
to the payment of any FF&#038;E Secured Obligation or any other obligation
secured thereby;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>release, discharge or permit the lapse of any or all Liens securing an FF&#038;E
Secured Obligation or any other Liens upon any property at any time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>exercise or enforce, in any manner, order or sequence, or fail to exercise or
enforce, any right or remedy against the Authority or any collateral security or
any other Person or property in respect of any FF&#038;E Secured Obligation or any Lien
securing any FF&#038;E Secured Obligation or any right or power under the FF&#038;E Security
Documents and hereunder and apply any payment or proceeds of collateral in any
order of application; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sell, exchange, release, foreclose upon or otherwise deal with any property
that may at any time be subject to any Lien securing any FF&#038;E Secured Obligation.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.1.3 Waivers and Deferrals of Payments</B>. Lakes may, without the consent of the FF&#038;E Secured
Parties, defer any payments due under the Lakes Transaction Documents or waive any provisions
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2 Limitation of Liability</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2.1 </B>Except as expressly set forth herein, neither party hereto will have any duty, express
or implied, fiduciary or otherwise, to the other party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2.2 </B>To the maximum extent permitted by law, Lakes waives any claim it may have against any
FF&#038;E Secured Party with respect to or arising out of any action or
</DIV>

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

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.2.3 </B>Each party (subject to the terms and conditions of its respective Facility) shall be
responsible for keeping itself informed of the financial condition of the Authority and its
Affiliates and all other circumstances bearing upon the risk of nonpayment of any FF&#038;E Secured
Obligations. Except as set forth in <u>Section&nbsp;4.3</u>, no FF&#038;E Secured Party shall have any duty to
advise Lakes of information regarding such condition or circumstances or as to any other matter. If
either party, in its sole discretion, undertakes at any time or from time to time to provide any
such information to the other party, it shall be under no obligation to provide any similar
information on any subsequent occasion, to provide any additional information, or undertake any
investigation, or to disclose any information which, pursuant to accepted or reasonable commercial
finance practice, it wishes to maintain confidential.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.1 Right to File Involuntary Bankruptcy</B>. Notwithstanding any other provision of this
Agreement to the contrary, Lakes shall be entitled, at any time and at its sole discretion, to
initiate or join as a petitioning creditor in an involuntary Insolvency or Liquidation Proceeding
against the Authority; <I>provided</I>, <I>however</I>, that, until the prior Discharge of all FF&#038;E Secured
Obligations, Lakes shall not, without the prior written consent of the FF&#038;E Agent, acting at the
direction of the FF&#038;E Financing Parties, initiate or join as a petitioning creditor in an
involuntary Insolvency or Liquidation Proceeding against the Authority.
</DIV>


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


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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>request judicial relief in an Insolvency or Liquidation Proceeding or in any
other court, that would hinder, delay, limit or prohibit the exercise or
enforcement of any right or remedy otherwise available to the holders of FF&#038;E
Secured Obligations that would limit, invalidate, avoid or set aside any Lien on
the FF&#038;E Collateral securing the FF&#038;E Secured Obligations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any motion for relief from the automatic stay or
from any injunction against foreclosure or enforcement of Liens on the FF&#038;E
Collateral securing the FF&#038;E Secured Obligations made by any</TD>
</TR>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holder of FF&#038;E Secured Obligations in any Insolvency or Liquidation Proceeding;</TD>
</TR>

</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any exercise by any holder of FF&#038;E Secured
Obligations of the right to credit bid FF&#038;E Secured Obligations at any sale in
foreclosure of any Lien on the FF&#038;E Collateral securing the FF&#038;E
Secured Obligations; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>oppose or otherwise contest any other request for judicial relief made in any
court by any holder of FF&#038;E Secured Obligations relating to the enforcement of any
Lien on the FF&#038;E Collateral securing the FF&#038;E Secured Obligations.</TD>
</TR>

</TABLE>
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order for use of cash collateral for payment of (i)
expenses reasonably necessary or appropriate for the conduct of the Project
or for the preservation of the FF&#038;E Collateral, or (ii)&nbsp;administrative
expenses arising in connection with the Insolvency or Liquidation
Proceeding;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order granting any priming Lien, replacement Lien, cash
payment or other relief on account of FF&#038;E Secured Obligations as adequate
protection (or its equivalent) for the interests of the FF&#038;E Secured Parties
in property subject to the Liens on the FF&#038;E Collateral securing the FF&#038;E
Secured Obligations in connection with any order for use of cash collateral;
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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consent to any order relating to any sale of the FF&#038;E Collateral and
providing, to the extent the sale is to be free and clear of Liens, that all
such Liens shall attach to the proceeds of the sale, then, Lakes will not oppose or otherwise contest the entry of such order.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.2.4 </B>If, for purposes of valuation of the secured claims of the FF&#038;E Secured Parties in any
Insolvency or Liquidation Proceeding, the FF&#038;E Secured Parties determine, and the FF&#038;E Agent or any
other FF&#038;E Secured Party notifies Lakes, that the FF&#038;E Collateral should be valued as of any
particular time in the period from the date of commencement of such Insolvency or Liquidation
Proceeding to the date of confirmation of any plan of reorganization or other dispositive
restructuring plan therein, then Lakes shall not oppose or otherwise contest that the date as of
which such secured claims should be valued is the date
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">chosen by the FF&#038;E Secured Parties. Lakes shall not have the right to assert the lack of adequate protection of their Liens or the collateral
securing the Lakes Obligations as a basis for opposing a motion or other relief sought in any
Insolvency or Liquidation Proceeding and approved by the FF&#038;E Secured Parties.
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.2 Authorization. </B>All actions necessary to authorize its execution, delivery and performance
of this Agreement have been duly taken, and all such actions continue in full force and effect as
of the date hereof.
</DIV>


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


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


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


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


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.7 No Lien. </B>Lakes (i)&nbsp;acknowledges that it does not have any Lien that presently attaches
in, to or on the FF&#038;E Collateral, and (ii)&nbsp;accordingly agrees that there are no presently effective
filings or recordings including UCC financing statements that perfect any Lien in its favor on the
FF&#038;E Collateral. Lakes further agrees that no security interest granted by the Authority to Lakes
shall attach to the FF&#038;E Collateral unless and until (x)&nbsp;the FF&#038;E Facilities (and any renewal,
refunding, replacement, or refinancing thereof) shall be Discharged, or (y)&nbsp;with respect to any
item of FF&#038;E Collateral, such item otherwise shall be released and no longer constitute FF&#038;E
Collateral. Lakes further agrees that any filings and recordings in favor of Lakes reflecting any
security interest in or on the FF&#038;E Collateral presently have no force or effect with respect to
the FF&#038;E Collateral and will have no force or effect unless, until and to the extent that Lakes&#146;
security interest so attaches.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.1 Notices; Addresses. </B>Any communications between the parties hereto or notices herein to be
given may be given to the following addressees:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">If to Lakes:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lakes KAR-Shingle Springs, LLC</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">c/o Lakes Entertainment, Inc.</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">130 Cheshire Lane</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">Minnetonka, Minnesota 55305</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">Attention: Timothy J. Cope, President</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">with a copy to:</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">Lakes Entertainment, Inc.</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">130 Cheshire Lane</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">Minnetonka, Minnesota 55305</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">Facsimile: (952)&nbsp;449-9353</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">Attention: Damon Schramm, General Counsel</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">with a copy to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hamilton Quigley &#038; Twait PLC</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">First National Bank Building, Suite&nbsp;W1450</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">332 Minnesota Street</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">Saint Paul, Minnesota 55101</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">Facsimile: (651)&nbsp;602-9976</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">Attention: Kevin Quigley</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">with a copy to:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gray Plant Mooty</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">500 IDS Center</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">80 South Eighth Street</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">Minneapolis, Minnesota 55402-3796</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">Facsimile: (651) 632-4050</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: Daniel R. Tenenbaum</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">If to FF&#038;E Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Bank of Utah</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">Attn: Corporate Trust Services</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">200 E. South Temple, Suite&nbsp;210</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">Salt Lake City, UT 84111</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">Phone: (801)&nbsp;924-3690</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">Fax: (801)&nbsp;746-3519</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All notices or other communications required or permitted to be given hereunder shall be in
writing and shall be considered as properly given (a)&nbsp;if delivered in person, (b)&nbsp;if sent by
reputable overnight delivery service, (c)&nbsp;in the event overnight delivery services are not readily
available, if mailed by first class mail, postage prepaid, registered or certified with return
receipt requested or (d)&nbsp;if sent by telecopy with correct answer back received. Notice so given
shall be effective upon receipt by the addressee, except that any communication or notice so
transmitted by telecopy or other direct written electronic means shall be deemed to have been
validly and effectively given on the day (if a Business Day and, if not, on the next following
Business Day) on which it is validly transmitted if transmitted before 4:00 p.m., recipient&#146;s time,
and if transmitted after that time, on the next following Business Day; <I>provided</I>, <I>however</I>, that if
any notice is tendered to an addressee and the delivery thereof is refused by such addressee, such
notice shall be effective upon such tender. Any party shall have the right to change its address
for notice hereunder to any other location by giving of no less than twenty (20)&nbsp;days&#146; notice to
the other parties in the manner set forth hereinabove.
</DIV>


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


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.5 Governing Law. </B>This Agreement shall be governed by the laws of State
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">of New York of the United States of America and shall for all purposes be governed by and
construed in accordance with the laws of such state without regard to the conflict
of law rules thereof other than Sections&nbsp;5-1401 and 5-1402 of the New York General
Obligations Law.
</DIV>


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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.8 Limitations on Liability. </B>In addition to requirements under <u>Section&nbsp;5.2</u>, no claim shall be
made by either party hereto or any of its Affiliates against the other party hereto or any of the
other party&#146;s Affiliates, directors, employees, attorneys or agents for any special, indirect,
consequential or punitive damages (whether or not the claim therefor is based on contract, tort or
duty imposed by law), in connection with, arising out of or in any way related to the transactions
contemplated by this Agreement or any act or omission or event occurring in connection therewith;
and each party hereto hereby waives, releases and agrees not to sue upon any such claim for any
such special, indirect, consequential or punitive damages, whether or not accrued and whether or
not known or suspected to exist in its favor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.9 Consent of Jurisdiction, Waiver of Immunity. </B>Any legal action or proceeding arising out
of this Agreement may be brought in or removed to the courts of the State of New York, in and for
the County of New York, or of the United States of
America for the Southern District of New York. By execution and delivery of this Agreement,
each party hereto accepts, for its and in respect of its property, generally and unconditionally,
the jurisdiction of the aforesaid courts for legal proceedings arising out of or in connection with
this Agreement and Lakes irrevocably consents to the appointment of CT Corporation, a Wolters
Kluwer company, located at 111 Eighth Avenue, 13th Floor; New York, NY 10011; telephone:
212-590-9310; facsimile: 212-590-9190, as its agent to receive service of process in New York, New
York. Nothing herein shall affect the right to serve process in any other manner including judicial
or non-judicial foreclosure of real property interests which are part of the FF&#038;E Collateral. Each
party hereto hereby waives any right to stay or dismiss any action or proceeding under or in
connection with any or all of the Project, this Agreement or any other operative document brought
before the foregoing courts on the basis of forum non-conveniens.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.10 Successors and Assigns. </B>The provisions of this Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and assigns; <I>provided</I>,
<I>however</I>, this Agreement shall terminate upon the Discharge of the FF&#038;E Secured Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.11 Counterparts. </B>This Agreement may be executed in one or more duplicate counterparts and
when signed by all of the parties hereto listed below shall constitute a single binding agreement.
</DIV>


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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.12 No Third Party Beneficiaries. </B>Except for the FF&#038;E Financing Parties, the parties hereto
do not intend the benefits of this Agreement to inure to the benefit of nor shall it be enforceable
by any third party (including, without limitation, the Authority or any of its Affiliates) nor
shall this Agreement be construed to make or render either party hereto liable to any third party
(including, without limitation, the Authority or any of its Affiliates) for the performance or
failure to perform any obligations hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13 Amendments.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.13.1 </B>Upon (a)&nbsp;any refinancing in whole or in part of any Facility or (b)&nbsp;any transfer or
assignment, any such new lender shall be bound by the terms of this Agreement (and, with respect to
any refinancing of the FF&#038;E Secured Obligations, the financing agreements relating thereto shall
incorporate the provisions of the FF&#038;E Financing Agreements referred to in <u>Section&nbsp;2</u> with respect
to permitted payments of the Lakes Obligations) and the parties hereto hereby agree to execute and
deliver an amendment to this Agreement with such new lender, or an agent or trustee on its behalf,
to make such Person a party hereunder.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.14 Legends</B>. Lakes (to the extent that approval is not required by the Chairman of the
National Indian Gaming Commission) agrees that each Lakes
Transaction Document assigned to a third party shall include the following language:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#147;Notwithstanding anything herein to the contrary, the lien and security interest
granted to Lakes pursuant to this Agreement and the exercise of any right or
remedy by Lakes hereunder are subject to the provisions of the Intercreditor and
Subordination Agreement, dated as of September&nbsp;30, 2008 (as amended, restated,
supplemented or otherwise modified from time to time, the <B>&#147;</B><B><I>Intercreditor and
Subordination Agreement</I></B><B>&#148;</B>), between Bank of Utah, as FF&#038;E Agent, and Lakes
KAR-Shingle Springs, LLC. In the event of any conflict between the terms of the
Intercreditor and Subordination Agreement and this Agreement, the terms of the
Intercreditor and Subordination Agreement shall govern and control (all defined
terms having the meanings ascribed thereto in the Intercreditor and Subordination
Agreement).&#148;
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the fullest extent lawful, all claims for the payment of such amount as FF&#038;E
Secured Obligations and, to the extent securing such claims, all such Liens on the
FF&#038;E Collateral under the FF&#038;E Security Documents will be reinstated and entitled
to the benefits hereof, and</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a Discharge of FF&#038;E Secured Obligations became effective prior to such
reinstatement, all obligations of Lakes that were terminated as a result of such
Discharge of FF&#038;E Secured Obligations shall be concurrently reinstated to the
extent such claims and Liens under the FF&#038;E Security Documents are reinstated,
beginning on such date but prospectively only (and not retroactively), as though no
FF&#038;E Secured Obligations or Liens under the FF&#038;E Security Documents had been
outstanding at any time prior to such date and will remain effective until the
claims for such amount are paid in full in cash.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.17 JURY TRIAL WAIVER. </B>EACH PARTY HERETO AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE
TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THIS AGREEMENT, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN
CONNECTION HEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY
EACH PARTY, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.
</DIV>


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



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



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


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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>Lakes</U>:<BR>
<BR>
<B>LAKES KAR-SHINGLE SPRINGS, LLC,</B><BR>
a Delaware limited liability company<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 Cope
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Timothy Cope &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INTERCREDITOR AND SUBORDINATION AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</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>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>FF&#038;E Agent</U>:<BR>
<BR>
<B>BANK OF UTAH</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/ Nancy M. Dahl
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Nancy M. Dahl &nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INTERCREDITOR AND SUBORDINATION AGREEMENT
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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;The Authority acknowledges the foregoing Intercreditor and Subordination Agreement. The
Authority further (i)&nbsp;acknowledges that references in the Lakes Transaction Documents to &#147;Foothill
Oaks Casino&#148; shall be deemed to refer to the business originally contemplated to be known as
Foothill Oaks Casino, as it may hereafter be operated under the name Red Hawk Casino or any other
name or names, and (ii)&nbsp;authorizes the filing of amendments reflecting the foregoing acknowledgment
to financing statements previously filed.
</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" nowrap><B>SHINGLE SPRINGS TRIBAL GAMING AUTHORITY,</B>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">a wholly-owned unincorporated instrumentality of the Shingle Springs
Band of Miwok Indians, a federally recognized Indian tribe<BR>
&nbsp;</TD>
    <TD>&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/ Scott Holmes
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Scott Holmes&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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/
Nicholas H. Fonseca
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Nicholas H. Fonseca&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="1" align="left">Title: &nbsp;</TD>
    <TD align="left">Tribal Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">INTERCREDITOR AND SUBORDINATION AGREEMENT
</DIV>



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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>c46742exv10w2.htm
<DESCRIPTION>EXHIBIT 10.2 - AMENDED INTERCREDITOR AGREEMENT
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 10.2</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This FIRST AMENDMENT TO INTERCREDITOR AND
SUBORDINATION AGREEMENT dated as of September&nbsp;29, 2008 (&#147;<U>First Amendment</U>&#148;), is entered into
among The Bank of New York Mellon Trust Company, N.A., as trustee (the &#147;<U>Trustee</U>&#148;), Lakes
KAR-Shingle Springs, LLC (the &#147;<U>Manager</U>&#148;) and The Bank of New York Mellon Trust Company,
N.A., as collateral agent (the &#147;<U>Collateral Agent</U>&#148;). Capitalized terms used but not defined
herein shall have the meaning assigned to such terms in the Intercreditor and Subordination
Agreement (as defined below).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Shingle Springs Tribal Gaming Authority (the &#147;<U>Authority</U>&#148;), an
unincorporated governmental authority of the Shingle Springs Band of Miwok Indians (the
&#147;<U>Tribe</U>&#148;), the Tribe and the Trustee have entered into that certain Indenture, dated as of
June&nbsp;28, 2007 (the &#147;<U>Indenture</U>&#148;), pursuant to
which the Authority issued its
9<FONT style="font-size: 70%"><SUP>3</SUP></FONT>/<FONT style="font-size: 60%">8</FONT>% senior
notes due 2015 (the &#147;<U>Notes</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Authority and the Collateral Agent have entered into that certain Security
Agreement, dated as of June&nbsp;28, 2007 (the &#147;<U>Security Agreement</U>&#148;), to secure certain
obligations of the Authority, including the Authority&#146;s obligations under the Indenture and the
Notes; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Tribe executed and delivered in favor of the Manager that certain Security
Agreement dated October&nbsp;13, 2003 (the &#147;<U>Lakes Security Agreement</U>&#148;), to secure certain
obligations of the Tribe; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the obligations secured by the Lakes Security Agreement and the obligations under the
Lakes Security Agreement have been assumed by the Authority, pursuant to that certain Assignment
and Assumption Agreement, dated as of April&nbsp;20, 2007, and the Authority and the Manager have
further confirmed
certain matters with respect to the Lakes Security Agreement pursuant to that certain Security
Agreement Acknowledgment dated as of June&nbsp;28, 2007 (the &#147;<U>Lakes Security Agreement
Acknowledgment</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Trustee, the Collateral Agent and the Manager entered into that certain
Intercreditor and Subordination Agreement, dated as of June&nbsp;28, 2007 (the &#147;<U>Intercreditor and
Subordination Agreement</U>&#148;); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Authority, the Tribe, and the Trustee have entered into a First Supplemental
Indenture, dated as of the date hereof (the &#147;<U>First Supplemental Indenture</U>&#148;), to supplement
and amend the Indenture and to direct the Collateral Agent to enter into amendments to the Security
Agreement and the Intercreditor and Subordination Agreement as provided therein pursuant to Section
9.01 of the Indenture; and
</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>WHEREAS</B>, the Trustee has directed the Collateral Agent to enter into this First Amendment to
amend the Intercreditor and Subordination Agreement as provided in the First Supplemental
Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, the Manager desires to enter into this First Amendment to amend the Intercreditor and
Subordination Agreement and confirm certain other matters as provided herein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW THEREFORE, </B>the parties, intending to be legally bound, and for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, do hereby amend the
Intercreditor and Subordination Agreement and agree as set forth below:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Amendments to the Intercreditor and
Subordination Agreement</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The term &#147;2015 Notes Indenture&#148; in Recital F of the Intercreditor and Subordination
Agreement shall be deemed to refer to the Indenture, as amended by the First Supplemental
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The definition of &#147;FF&#038;E Financing&#148; in Section&nbsp;1 of the Intercreditor and Subordination
Agreement is amended in its entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>FF&#038;E Financing</I>&#148; shall have the meaning provided in the 2015 Notes Indenture.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The definition of &#147;FF&#038;E Collateral&#148; in Section&nbsp;1 of the Intercreditor and Subordination
Agreement is amended in its entirety as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>FF&#038;E Collateral</I>&#148; means assets that are acquired, leased, improved or constructed
(including, without limitation, assets the cost of which is financed in the manner
described in the defined term &#147;FF&#038;E Financing&#148;) with the proceeds of, and that secure,
FF&#038;E Financing incurred under Section&nbsp;4.08(b)(3) of the 2015 Notes Indenture (other
than pursuant to an issuance of Additional Notes (as defined in the 2015 Notes
Indenture)) in accordance with the terms of the 2015 Notes Indenture, including any
deposit or securities account in which only such proceeds may be initially deposited.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The defined term &#147;Security Agreement,&#148; as referred to in the definition of &#147;First
Lien Security Documents&#148; in Section&nbsp;1 of the Intercreditor and Subordination Agreement, shall
be deemed to refer to the Security Agreement, as amended as contemplated by the First Supplemental
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Confirmation of Manager</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager hereby confirms that, in paragraph 4 of the Lakes Security Agreement
Acknowledgment, the references therein to &#147;FF&#038;E Collateral&#148; shall be deemed to refer to the FF&#038;E
Collateral (as defined in the Intercreditor and Subordination Agreement, as amended hereby), and
the reference in clause (i)&nbsp;to &#147;the FF&#038;E Financing (and any
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">renewal,
refunding, replacement or refinancing thereof)&#148; shall be deemed to refer to such FF&#038;E
Financing (as defined in the Intercreditor and Subordination Agreement, as amended hereby) as is
secured by such FF&#038;E Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Other Provisions in Effect</U>. The provisions of the Intercreditor and Subordination
Agreement shall be amended as herein provided, with all provisions of the Intercreditor and
Subordination Agreement not amended by this First Amendment remaining in full force and effect.
This First Amendment and the Intercreditor and Subordination Agreement, as amended by this First
Amendment, shall be subject to all other provisions as are contained in or applicable to, through
incorporation by reference or otherwise, the Intercreditor and Subordination Agreement, including,
but not limited to, those provisions relating to notices, amendments, assignability, jurisdiction,
indemnification, and requirements to arbitrate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Representations of the Parties</U>. Each party hereby represents to the other parties
that as of the date hereof (a)&nbsp;no default or event of default, however defined, exists under the
Intercreditor and Subordination Agreement; (b)&nbsp;the execution, delivery and performance of this
First Amendment has been duly authorized by its Board of Directors, (c)&nbsp;such party has full power
to execute, deliver and perform this First Amendment, (d)&nbsp;this First Amendment has been duly
executed and delivered by such party, and is a valid and binding agreement of such party,
enforceable in accordance with its terms, except as enforcement may be limited by rights of
creditors generally and principles of equity, (e)&nbsp;this First Amendment does not violate or conflict
with any law, regulation, ruling, order or decree currently in effect or any contract, agreement,
or instrument to which such party or its property is bound or subject and (f)&nbsp;no consent, approval,
authorization or other order of, or registration or filing with, any court or other governmental or
regulatory authority or agency (including, without limitation, any Gaming Authority (as defined in
the Indenture)) is required for such party&#146;s execution, delivery and performance of this First
Amendment, or consummation of the transactions contemplated hereby, except such as have been
obtained or made by such party and are 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;5.&nbsp;<U>Miscellaneous</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This First Amendment is delivered in and shall in all respects be construed according to
the laws of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;This First Amendment shall be binding on the Manager, the Trustee and the Collateral
Agent, as applicable, and any successor of the Manager, the Trustee or the Collateral Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This First Amendment, when construed in conjunction with the Intercreditor and
Subordination Agreement, embodies the entire agreement and understanding among the parties hereto
and supersedes all prior agreements and understandings, written or oral, relating to the subject
matter of this First Amendment.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In case any provision in this First Amendment shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;This First Amendment may be executed in any number of counterparts with the same effect as
if all parties hereto had signed the same document. All such counterparts shall be construed
together and shall constitute one instrument, but in making proof hereof it shall only be necessary
to produce one such counterpart.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page Follows&#093;</I>
</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 First Amendment to be duly
executed as of the date first written above.
</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">LAKES KAR-SHINGLE SPRINGS, LLC, as the
Manager<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/ Lyle Berman
&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">Lyle Berman&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">Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK TRUST<br>
COMPANY, N.A., as Trustee<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/
Kristine E. Brutsman
&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">Kristine E. Brutsman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE BANK OF NEW YORK TRUST<br>
COMPANY, N.A., as Collateral 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/
Kristine E. Brutsman
&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">Kristine E. Brutsman&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
</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">Acknowledged by: <BR>
<BR>
SHINGLE SPRINGS TRIBAL GAMING AUTHORITY <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/ Scott Holmes&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">Scott Holmes &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">Chairman&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/ Nicholas H. Fonseca&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">Nicholas H. Fonseca&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">Tribal Chairman&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>c46742exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
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<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="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD ROWSPAN="8" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="c46742c4674201.gif" alt="(LAKES ENTERTAINMENT, INC. LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>NEWS RELEASE</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lakes Entertainment, Inc.</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>130 Cheshire Lane, Suite&nbsp;101</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Minnetonka, MN 55305</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9092</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>952-449-9353 (fax)</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>www.lakesentertainment.com</B></TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>(NASDAQ: LACO)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>
<B>INVESTOR RELATIONS CONTACT:</B><BR>
William Schmitt &#151; Integrated Corporate Relations<BR>
203-682-8200, <U>investorrelations@lakesentertainment.com</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FOR FURTHER INFORMATION CONTACT:</B><BR>
Timothy Cope &#151; 952-449-7030<BR><BR><DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>FOR IMMEDIATE RELEASE:</B><BR>
October&nbsp;1, 2008<BR>
<DIV style="width: 100%; border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV>

</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>SHINGLE SPRINGS TRIBAL GAMING AUTHORITY CLOSES ON $77<BR>
MILLION IN FF&#038;E FINANCING FOR THE RED HAWK CASINO</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MINNEAPOLIS &#151; October&nbsp;1, 2008 &#151; Lakes Entertainment, Inc. (NASDAQ: LACO) announced today that the
Shingle Springs Tribal Gaming Authority, an affiliate of the Shingle Springs Band of Miwok Indians,
closed on the $77&nbsp;million FF&#038;E financing for the Red Hawk Casino. Bank of America was lead
arranger in the transaction which closed on September&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;We are very pleased to have closed on this last part of funding for the Red Hawk Casino project
given the very volatile and uncertain financial markets,&#148; said Lakes&#146; President and Chief Financial
Officer Tim Cope. &#147;We believe the strength and progress of the project played a large role in
securing this financing in these challenging times.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The proceeds from the financing arrangement will be primarily used to purchase the various
components of furniture, furnishings and equipment necessary to complete the Red Hawk Casino
project which is on budget and on schedule to open by year end.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">About Lakes Entertainment
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lakes Entertainment, Inc. currently has development and management or financing agreements with
four separate Tribes for casino operations in Michigan, California, and Oklahoma, for a total of
five separate casino sites. Lakes is currently managing the Cimarron Casino for the Iowa Tribe of
Oklahoma and the Four Winds Casino Resort for the Pokagon Band of Potawatomi Indians. Lakes is
also involved in other business activities, including possible development of a Company owned
casino resort project 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">Vicksburg, Mississippi and the development of new table games for licensing to Tribal and
non-Tribal casinos. The Company also owns approximately 61&nbsp;percent of WPT Enterprises, Inc.
(NASDAQ: WPTE), a separate publicly held media and entertainment company engaged in the creation
of internationally branded entertainment and consumer products driven by the development,
production and marketing of televised programming based on gaming themes, including the World Poker
Tour<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> television series, the operation of an online gaming website, the licensing and
sale of branded 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 safe harbor 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, passage of the Ohio casino resort initiative on the
November&nbsp;4, 2008 Ohio statewide election ballot or if the referendum passes, that it will not
subsequently be challenged or that other developments will not prevent or delay the project; need
for current financing to meet Lakes&#146; operational and development needs, including financing needs
related to the Ohio casino resort initiative; 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; 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 the
risk that WPTE may not obtain sufficient sponsorship revenues for Season Seven programming of the
WPT series; difficulty of predicting the growth of WPTE&#146;s online gaming business, which is a
relatively new industry with an increasing number of market entrants; reliance on the efforts of
CryptoLogic to develop and maintain the online gaming website in compliance with WPTE&#146;s business
model and applicable gaming laws; the potential that WPTE&#146;s television programming will fail to
maintain a sufficient audience; 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>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
