AMENDED AND RESTATED
PROMISSORY NOTE
This Amended
and Restated Promissory Note is intended to completely amend and
restate the Promissory Note between the parties dated March 1,
2008, in the original principal amount of $15,550,000.00, under the
terms and provisions set forth below:
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Date:
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July 7,
2009
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Maker:
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Nevada Gold
& Casinos, Inc. (“NGC”)
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Maker’s Mailing Address:
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50 Briar
Hollow Lane, Suite 500W
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Houston,
Texas 77027-9304
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Louise H.
Rogers, as her separate property (“Rogers”)
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Holder/Payee’s Mailing Address:
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2512 Alta
Mira
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Tyler,
Texas 75701-7301
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The terms
“Maker,” “Holder/Payee,” and other nouns
and pronouns include the plural if more than one
exists. The terms “Maker” and
“Holder/Payee” also include their respective heirs,
personal representatives, and assigns. NGC and Rogers
are collectively referred to in this Note as the
“Parties.”
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Place for Payment (including county):
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2512 Alta
Mira
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Tyler, Smith
County, Texas 75701-7301
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Principal Amount:
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Six Million and
No/100 Dollars ($6,000,000.00)
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Annual Interest Rate:
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Ten Percent
(10%) through June 30, 2010, and from July 1, 2010, until maturity,
Eleven Percent (11%)
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Terms of Payment (principal and interest):
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Interest
payments only on or before the last day of each month, with the
principal balance and all accrued interest due and payable on or
before June 30, 2013 (the “Maturity Date”).
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Annual Interest
Rate on Matured, Unpaid Amounts: Eighteen
Percent (18%)
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Security for Payment:
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As set forth in
the July 2009 Amended and Restated Security Agreement dated July 7,
2009 (the “ARSA”), which is incorporated by reference
in this Note for all purposes as if fully set forth at
length.
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NGC promises to
pay to the order of Louise H. Rogers at the place for payment and
according to the terms of pa
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