Bank of America Approval Letter for Choctaw Resort Development Enterprise Senior Financing

Summary

Bank of America, as Administrative Agent, provides written approval to the Mississippi Band of Choctaw Indians d/b/a Choctaw Resort Development Enterprise for the terms of its proposed senior financing. This includes approval of the 9.25% Senior Notes due 2009, the related Indenture, Collateral Pledge and Security Agreement, and Registration Rights Agreement. The approval is required under the existing loan agreements before the borrower can proceed with the new financing.

EX-10.7 19 a2052158zex-10_7.txt EXHIBIT 10.7 Exhibit 10.7 [Bank of America Logo] March 30, 2001 The Mississippi Band of Choctaw Indians d/b/a Resort Development Enterprise Chief Phillip Martin, Chairman of the Board Tribal Office Complex P.O. Box 6010 Philadelphia, Mississippi 39350 Re: THE MISSISSIPPI BAND OF CHOCTAW INDIANS D/B/A CHOCTAW RESORT DEVELOPMENT ENTERPRISE (THE "BORROWER") LOAN AGREEMENT AND AMENDED AND RESTATED TERM LOAN AGREEMENT, EACH DATED AS OF DECEMBER 19, 2000 Dear Chief Martin: This letter is delivered to you with reference to the Loan Agreement (the "Revolving Loan Agreement") and the Amended and Restated Term Loan Agreement (the ("Term Loan Agreement") (as amended, modified or extended, the "Loan Agreements") each dated as of December 19, 2000, among the Mississippi Bank of Choctaw Indians d/b/a Choctaw Resort Development Enterprise, The Mississippi Bank of Choctaw Indians, Bank of America, N.A., as Administrative Agent, and each other lender whose name is set forth on the signature pages of the Loan Agreements. Unless otherwise defined in this letter, capitalized terms are used herein with the meaning provided for in the Loan Agreements. Pursuant to Section 5.27 of the Term Loan Agreement and pursuant to Section 5.28 of the Revolving Loan Agreement, prior to the incurrence of the Proposed Senior Financing, Borrower must obtain the written approval of the Administrative Agent of the terms thereof. The Administrative Agent hereby approves (1) the terms of the Proposed Senior Financing as described in the Offering Memorandum, dated as of March 22, 2001, for the Borrower's 9-1/4% Senior Notes due in 2009, (2) the Indenture for the 9-1/4% Senior Notes due in 2009, dated as of March 30, 2001 (the "Indenture"), (3) the Borrower's 9-1/4% Senior Notes due in 2009 issued pursuant to the Indenture, (4) the Collateral Pledge and Security Agreement dated as of March 30, 2001 and (5) the Registration Rights Agreement dated as of March 30, 2001, as heretofore delivered to the Administrative Agent's counsel. Sincerely, BANK OF AMERICA, N.A. By: /s/ Janice Hammond -------------------------------- Janice Hammond, Vice President