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Exhibit
3.10
AMENDED AND
RESTATED
LIMITED PARTNERSHIP
AGREEMENT
OF
BACKSIDE,
L.P.
THIS AMENDED AND RESTATED
AGREEMENT OF LIMITED PARTNERSHIP (this “Agreement”),
dated as of the 25th day of January 2005, is made and entered into
by and between the Mohegan Tribal Gaming Authority, a government
instrumentality of the Mohegan Tribe of Indians of Connecticut
(hereinafter sometimes referred to as the “Limited
Partner”), and Mohegan Commercial Ventures PA, LLC, a limited
liability company organized and existing under the laws of the
State of Pennsylvania (hereinafter sometimes referred to as the
“General Partner” and, together with the Limited
Partner, the “Partners”). Capitalized terms used but
not defined herein shall have the respective meanings ascribed to
them in Article I hereof.
RECITALS
A. Backside, L.P. (the
“Partnership”) was formed as a limited partnership
under the laws of the Commonwealth of Pennsylvania, pursuant to a
Certificate of Limited Partnership filed with the Secretary of the
Commonwealth of Pennsylvania (the “Pennsylvania
Secretary”) effective as of January 7, 2005, and a Limited
Partnership Agreement (the “Original Agreement”), dated
as of January 7, 2005, by and between PNGI, LLC, a Nevada limited
liability company, as general partner (the “Original General
Partner”), and PNGI Pocono, Corp., a Nevada corporation (the
“Original Limited Partner” and, together with the
Original General Partner, the “Original
Partners”).
B. Pursuant to the terms of
the certain Purchase Agreement, dated as of October 14, 2004, by
and among the Original Partners and the Limited Partner (the
“Purchase Agreement”), the Limited Partner has caused
the General Partner to be formed as a wholly owned subsidiary and
the Partners have purchased the issued and outstanding partnership
interests in the Partnership from the Original Partners at the
closing held thereunder.
C. In accordance with the
terms of the Original Agreement the Original Partners have taken
all necessary actions to assign and transfer their partnership
interests to the Partners, and the Partners have been admitted as
partners of the Partnership under the terms and subject to the
conditions of the Original Agreement.
D. The Partners desire to
amend and restate the Original Agreement in its
entirety.
NOW, THEREFORE, in
consideration of the foregoing, the mutual covenants and agreements
set forth herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree to
amend and restate the Original Agreement as follows:
ARTICLE I.
DEFINITIONS
The following defined terms
used in this Agreement shall have the meanings specified below, in
addition to any other defined terms used herein:
“ Act ”
means The Pennsylvania Revised Uniform Limited Partnership Act, as
amended, Pa. C.S. § 8501, et. seq.
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“ Affiliate
” means, with respect to any Partner, any Person that
directly or indirectly, through one or more intermediaries,
controls, is controlled by, or is under common control with, such
Partner.
“ Agreement
” means this Agreement, as amended from time to
time.
“ Bankruptcy
” means an adjudication of bankruptcy or the entry of an
order for relief or the filing of a voluntary case or petition
under the federal bankruptcy law or any state or local bankruptcy
law and, in addition, any other status constituting bankruptcy
within the meaning of the Pennsylvania Uniform Partnership
Act.
“ Capital
Account ” means, with respect to any Partner, the capital
account established and maintained pursuant to Section
3.5.
“ Capital
Contribution ” means, with respect to any Partner, the
aggregate amount of money, and the value of any property or asset
contributed or deemed contributed to the Partnership, net of
liabilities assumed by the Partnership in connection with such
contribution or as to which such property or asset is subject when
contributed. In the case of a Partner that acquires an Interest in
the Partnership by virtue of an assignment or transfer in
accordance with the terms of this Agreement, “Capital
Contribution” means the pro rata Capital Contribution
of such Partner’s predecessor to an extent proportionate to
the acquired Interest.
“ Effective Date
” means the date first set forth above.
“ Equity Percentage
Interest ” means, as to each Partner, such
Partner’s percentage interest set forth after the
Partner’s name in Section 3.4 or as modified from time to
time pursuant to the terms of this Agreement.
“ GAAP ”
means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of
the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards
Board (“FASB”) or in such other statements by such
other entity as have been approved by a significant segment of the
accounting profession, which are in effect on the dater of this
Agreement.
“ General
Partner ” means Mohegan Commercial Ventures PA, LLC and
any Person which hereafter becomes a general partner of the
Partnership.
“ Interest
” has the meaning set forth below under “Partnership
Interest.”
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“ Internal Revenue
Code ” or “ Code ” means the Internal
Revenue Code of 1986, as amended from time to time, or any
successor federal income tax statute or code, and the applicable
regulations thereunder. All references to specific sections of the
Internal Revenue Code shall be deemed to include any provisions of
the Internal Revenue Code which replace or supersede the sections
in effect at the time of execution of this Agreement.
“ Limited
Partner ” means Mohegan Tribal Gaming Authority, and any
other Person admitted to the Partnership as a Limited Partner
pursuant to this Agreement, and their respective successors as
Limited Partners of the Partnership.
“ Liquidator
” means the General Partner or, if there is none at the time
in question, such other Person who may be appointed in accordance
with applicable law and who shall be responsible for taking all
action necessary or appropriate to wind up the affairs of, and
distribute the assets of, the Partnership upon its
dissolution.
“ Partnership
Assets ” means all of the properties owned by the
Partnership, whether tangible, intangible, real, personal or
mixed.
“ Partnership
Interest ” means the interest in the Partnership
representing any Partner’s right to receive distributions
from the Partnership and to receive allocations of profits, gains,
credits and losses, as evidenced by the Partnership Interest
Certificate.
“ Partnership
Interest Certificate ” means the certificate issued to a
Partner evidencing their Partnership Interest.
“ Person ”
means any individual, trust, corporation, partnership, limited
liability company, proprietorship, joint venture, association,
joint-stock company, unincorporated organization or any other
entity.
“ Regulations
” or “ Treasury Regulations ” means the
income tax regulations, including temporary regulations,
promulgated under the Code, as such regulations may be amended from
time to time. All references to specific sections of the
Regulations shall be deemed to include any provisions of the
Regulations which replace or supersede the sections in effect at
the Effective Date.
ARTICLE II.
FORMATION
2.1 Continuation . The
Partners hereby agree to continue the Partnership pursuant to the
Act and upon the terms and conditions set forth in this Agreement.
Except as provided to the contrary in this Agreement, the rights
and obligations of the Partners and any permitted assignees, if
any, with respect to the Partnership, and the administration of the
Partnership, shall be governed by the Act.
2.2 Name . The name of
the Partnership shall be Backside, L.P. or such other name as may
hereafter be chosen from time to time by the General Partner, and
the Partners shall file assumed name certificates and otherwise
conform with the local laws as necessary to establish the
Partnership’s name as the General Partner alone determines to
be appropriate, and the Partners
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shall take any action which may be
necessary to accomplish that change of name in compliance with the
local laws in any area in which the Partnership
operates.
2.3 Certificates . The
General Partner shall cause to be filed each such instrument or
document that is required under the laws of the Commonwealth of
Pennsylvania, or any other jurisdiction in which the Partnership
conducts business, to be signed and sworn to by the Partners of the
Partnership (either by themselves or pursuant to the
power-of-attorney granted to the General Partner herein) and filed
for recording in the appropriate public offices within the
Commonwealth of Pennsylvania or such other jurisdiction to perfect
or maintain the Partnership as a limited partnership, to effect the
admission, withdrawal or substitution of any Partner of the
Partnership, or to protect the limited liability of the Limited
Partners as limited partners under the laws of the Commonwealth of
Pennsylvania or such other jurisdiction.
2.4 Principal Place of
Business . The principal place of business of the Partnership
shall be at 1280 Highway 315, Wilkes-Barre, Pennsylvania, 18702, or
at such place as the General Partner may from time to time
designate. The General Partner may change the principal place of
business of the Partnership at any time upon reasonable notice to
each Limited Partner. The Partnership may maintain such other
offices and places of business as the General Partner may from time
to time deem advisable.
2.5 Term . The term of
the Partnership shall be perpetual, unless the Partnership is
sooner dissolved in accordance with the provisions of this
Agreement.
2.6 Purpose of the
Partnership . The purpose of the Partnership is to engage in
all lawful business for which the limited partnerships may be
formed under the Act, and to exercise all powers enumerated in the
Act necessary or convenient therefore.
ARTICLE III.
PARTNERS’ CAPITAL CONTRIBUTIONS, PERCENTAGE
INTERESTS
AND CAPITAL
ACCOUNTS
3.1 Capital
Contributions . Upon the execution and delivery hereof, the
Partners will be deemed to have made an aggregate Capital
Contribution of $1,000, which shall be allocated between the
Partners in accordance with their respective Equity Percent
Interests as shown in Section 3.4 hereof. Each Partner’s
Capital Contribution will thereafter be set forth on the books and
records of the Partnership.
3.2 Additional Capital
Contributions . Except as otherwise expressly provided herein
or as agreed in writing by a Partner and the Partnership, no
Partner shall be required to make any additional Capital
Contribution to the Partnership.
3.3 Return of Capital
Contribution . Except as specifically provided in this
Agreement, no Partner shall be entitled to demand or receive the
return of his Capital Contribution. Upon dissolution and
liquidation of the Partnership, the Partners shall look solely to
the Partnership assets for the return of their Capital
Contributions, and no Partner shall be liable for such return, even
if such assets are insufficient to return the full amount of such
Capital Contributions.
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3.4 Equity Percentage
Interests .
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Mohegan Tribal Gaming
Authority
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99.99 |
% |
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Mohegan Commercial Ventures PA,
LLC
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00.01 |
% |
3.5 Loans and Guarantees
by Partners and Affiliates . If a Partner or any
Partner’s Affiliate chooses to loan funds to the Partnership,
the loan shall be on such terms as are approved by all Partners. If
a Partner chooses to guarantee a loan to the Partnership or
otherwise to incur personal liability with respect to a loan to the
Partnership, the Partnership shall pay the Partner fair and
reasonable compensation therefor and shall reimburse, indemnify and
hold the Partner harmless for any loss, cost or expense incurred by
the Partner with respect to the loan.
3.6 No Obligation of
General Partner to Provide Additional Funds . Except as
otherwise specifically provided in this Agreement, the General
Partner shall have no obligation to the Partnership or the Partners
to make any Capital Contributions, loans or advances to the
Partnership, or otherwise supply or make available any funds to the
Partnership, even if the failure to do so would result in a default
in any of the Partnership’s obligations, a foreclosure on the
Partnership’s property or other adverse consequence to the
Partnership.
3.7 Capital Accounts
.
(a) “ Capital
Account ” means the separate Capital Account that shall
be established and maintained for each Partner under this
Agreement. The Capital Account of each Partner shall be credited
with the cash and the fair market value of any property (net of
liabilities assumed by the Partnership and liabilities to which
such property is subject) contributed to the Partnership by such
Partner, plus all net income or gain of the Partnership allocated
to such Partner pursuant to Sections 4.3 and 4.4 and shall be
debited with the all net loss or deductions of the Partnership
allocated to such Partner pursuant to Sections 4.3 and 4.4 and all
cash and the fair market value of any property (net of liabilities
assumed by such Partner and the liabilities to which such property
is subject) distributed by the Partnership to such
Partner.
(b) No Partner shall have any
obligation to eliminate a deficit balance in its Capital Account at
any time, or bring its Capital Account into any particular parity
with any other Partner’s Capital Account at any time,
although this sentence shall not limit a Partner’s obligation
pursuant to other sections of this Agreement. No General Partner
shall have any obligation to make up any deficit balance in any
Partner’s Capital Account.
ARTICLE IV. PROFIT, LOSS
AND DISTRIBUTIONS
4.1 Distributions .
Cash available for distribution from all sources shall be
distributed to the Partners from time to time, as determined by the
General Partner, in proportion to their respective Equity
Percentage Interests.
4.2 In-Kind
Distributions . Except as otherwise provided in this Agreement,
assets of the Partnership (other than cash) may be distributed in
kind to the extent determined by the General Partner. If any assets
of the Partnership are distributed to the Partners in kind, such
assets shall be valued on the basis of the fair market value
thereof on the date of distribution.
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4.3 Allocation of Net
Income and Net Loss . Net income or net loss (and each item of
income, gain, loss and deduction thereof) for any fiscal year or
other applicable accounting period shall be allocated to the
Partners, in proportion to their respective Equity Percentage
Interests.
4.4 General . If an
Interest in the Partnership is transferred and/or modified in
accordance with the provisions of this Agreement, there shall be
allocated to each Partner who held the transferred and/or modified
Interest in the Partnership during the fiscal year of the transfer
and/or modification the product of (a) the Partnership’s net
income or net loss allocable to such transferred and/or modified
Interest for such fiscal year, and (b) a fraction, the numerator of
which is the number of days such Partner held the transferred
and/or modified Interest during such fiscal year, and the
denominator of which is the total number of days in such fiscal
year; provided, however, that if the General Partner so
determines, such net income or net loss shall be allocated by
closing the books of the Partnership immediately after the transfer
and/or modification of an Interest in the Partnership. Such
allocation shall be made without regard to the date, amount or
recipient of any distributions which may have been made with
respect to such transferred Interest.
4.5 Determination of Cash
Available for Distribution . The General Partner shall
determine, in its sole discretion, what portion of the
Partnership’s cash from any source, including, without
limitation, Capital Contributions, operations, financings,
refinancings and dispositions, shall be distributed. In making such
determination, the General Partner may, in its sole discretion,
establish reserves for working capital, maintenance, repairs,
capital expenditures or other items and the satisfaction of
liabilities (including, without limitation, contingent liabilities)
as they come due or may come due.
4.6 Taxes Withheld .
Unless treated as a Tax Payment Loan (as hereinafter defined), any
amount paid by the Partnership for or with respect to any Partner
on account of any withholding tax or other tax payable with respect
to the income, profits or distributions of the Partnership pursuant
to the Code, the Treasury Regulations, or any state or local
statute, regulation or ordinance requiring such payment (a
“Withholding Tax Act”) shall be treated as a
distribution to such Partner for all purposes of this Agreement,
consistent with the character or source of the income, profits or
cash which gave rise to the payment or withholding obligation. To
the extent that the amount required to be remitted by the
Partnership on behalf of any Partner under the Withholding Tax Act
exceeds the amount then otherwise distributable to such Partner
pursuant to Section 4.1 hereof, the excess shall constitute a loan
from the Partnership to such Partner (a “Tax Payment
Loan”), which Tax Payment Loan shall be payable upon demand
and shall bear interest, from the date that the Partnership makes
the payment to the relevant taxing authority, at the prime rate of
interest plus 2% as such rate is set forth in the Wall Street
Journal from time to time. So long as any Tax Payment Loan or the
interest thereon remains unpaid, the Partnership shall make future
distributions due to such Partner under this Agreement by applying
the amount of any such distribution first to the payment of any
unpaid interest on all Tax Payment Loans of such Partner and then
to the repayment of the principal of all Tax Payment Loans of such
Partner. The General Partner shall have the authority to take all
actions necessary to enable the Partnership to comply with the
provisions of any Withholding Tax Act applicable to the Partnership
and to carry out the provisions of this Section. Nothing in this
Section shall create any obligation on the General Partner to
advance funds to the Partnership or to borrow funds from third
parties in order to make any payments on account of any liability
of the Partnership under a Withholding Tax Act.
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ARTICLE V. MANAGEMENT
POWERS, DUTIES AND RESTRICTIONS
5.1 Management Authority
of the General Partner .
(a) Except as otherwise
specifically provided herein, the General Partner shall have full,
complete and exclusive discretion and power to take, without the
consent of the Limited Partners, any and all action of whatsoever
type that the Partnership is authorized to take and to make all
decisions with respect thereto, including without limitation the
power:
(1) to purchase or otherwise
acquire
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