Loan Commitment Letter between Millennium Bank and AWI Gaming, Inc.
Millennium Bank has issued a binding commitment to lend $1,100,000 to AWI Gaming, Inc., with American Wagering, Inc. as guarantor. The loan is an interest-only commercial facility for two years at a variable rate (prime plus 2%), secured by a first deed of trust on the property. Closing is contingent on an acceptable appraisal, executed documents, Nevada Gaming Commission approval, and title insurance. There is no prepayment penalty, and standard closing costs apply. The loan will close after all conditions are met and regulatory approval is obtained.
Exhibit 10.1
December 29, 2005
| AWI Gaming, Inc. | Via: E-mail (originals mailed) | |
| Mr. Bruce Dewing, President | ||
| 675 Grier Drive | ||
| Las Vegas, NV 89119 |
Dear Bruce:
Millennium Bank is pleased to provide the binding loan commitment outlined below to American Wagering, Inc. and AWI Gaming, Inc. subject to receipt and approval of the conditions to close items listed herein:
| Borrower: | AWI Gaming, Inc. | |
| Guarantor: | American Wagering, Inc. | |
| Facility: | Interest only commercial loan. | |
| Loan Amount: | $1,100,000 | |
| Rate: | Wall Street Journal listed prime plus 2.0% floating daily | |
| Term: | 2 years from date of closing | |
| Collateral: | 1st Deed of Trust on said property | |
| Closing Date: | 1st day of the month after the Nevada Gaming Commission approval. | |
| Prepayment Penalty: | None | |
| Closing Costs: | Normal closing costs and out-of-pocket expenses apply, including but not limited to title insurance, flood certificate, tax certificate, credit report, appraisal fee, recording fees, release fees and loan origination fee of 2%. | |
Conditions to Close:
| • | Acceptable appraisal of Sturgeon’s Inn & Casino |
| • | Executed documents by Borrower and participant - Great Basin Bank |
| • | Nevada Gaming Commission approval |
| • | Title commitment policy for $1,100,000 identifying Millennium Bank in first lien position. |
Upon receipt of the items listed under the Conditions to Close, Millennium Bank will prepare the loan documents and order the title insurance commitment. On behalf of Millenium Bank, we look forward to working with you on this exciting business opportunity. Please feel free to contact me with any questions.
Sincerely,
Jeff Halverson , Vice President
MILLENNIUM BANK
1140 Edwards Village Blvd, Suite B102-104
Edwards, CO 81632
E-mail: ***@***
| Phone: | ###-###-#### |
| Fax: | 970 ###-###-#### |
