Unwind Confirmation and Early Termination Agreement for Swap Transaction between Bank of America, N.A. and Eldorado Resorts LLC
Bank of America, N.A. and Eldorado Resorts LLC have agreed to terminate a swap transaction before its scheduled end date. In exchange for ending the agreement early, Bank of America will pay Eldorado Resorts LLC $10,000 by February 14, 2003. Once this payment is made, both parties are released from any further obligations under the original swap transaction. The agreement is governed by the same law as the original confirmation or related agreement.
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Exhibit 4.8
233 South Wacker Drive, Suite 28
Chicago, Illinois 60606
Tel ###-###-####
Fax ###-###-####
Bank of America, N. A.
| TO: | Eldorado Resorts LLC c/o Eldorado Hotel and Casino P 0 Box 3399 Reno, NV 89505 |
ATTN | Bob Jones |
| TEL | 775 ###-###-#### |
| FAX: | 775 ###-###-#### |
ATTN | Earl Howsley |
| TEL | 775 ###-###-#### |
| FAX | 775 ###-###-#### |
FROM: | Bank of America, NA. 233 South Wacker Drive—Suite 2800 Chicago, Illinois 60606 Robert OHara/David Rebnord |
Date: | 13FEB03 |
Our Reference No. ###-###-#### | |
Internal Tracking No. 481653 481654 | |
UNWIND CONFIRMATION FOR SWAP TRANSACTION
Re: Letter Agreement relating to the termination of the Transaction between Eldorado Resorts LLC and Bank of America, N.A. with our Reference Number as set forth above, with an Effective Date of 12NOV02, Termination Date of 15AUG06 and Notional Amount of USD 50,000,000.00.
Dear Sir/Madam,
We refer to the above Transaction (the "Transaction") and the Confirmation entered into between you and us in relation thereto (the "Confirmation"). Capitalized terms used but not defined in this letter will have the meanings given to them in the Confirmation and Agreement referred to therein.
This letter agreement confirms our mutual agreement on 12FEB03 to terminate this Transaction in advance of its scheduled Termination Date.
In consideration of the early termination of this Transaction, USD 10,000.00 will be payable by us to you on or before 14FEB03 in respect of such termination. All future payment obligations of Bank of America N.A. and Eldorado Resorts LLC under this Transaction will be terminated upon our payment to you of such settlement amount.
This letter agreement shall be governed by and construed in accordance with the Governing Law as stated in the Confirmation or if not stated in the Confirmation, then in the Agreement referred to therein.
Account Details:
Account for payments to Eldorado Resorts LLC:
| USD | |
| NAME: | Bank of America |
| CITY: | Nevada |
| ABA#: | 122400724 |
| NAME: | Eldorado Resorts LLC |
| ACCT: | 000470041054 |
Please confirm that the foregoing correctly sets forth the terms and conditions of our agreement by returning via telecopier an executed copy of this Confirmation to the attention of Global Derivative Operations at (fax no.(312) ###-###-####).
Yours Sincerely,
Bank of America, N.A.
| /s/ DAVE WALKER Dave Walker Senior Vice President | |||
Authorized Signatory | |||
Accepted and confirmed as of the date first written: | |||
Eldorado Resorts LLC | |||
By: | /s/ DONALD L. CARANO | ||
Name: | Donald L. Carano | ||
Title: | CEO | ||
Our Reference # 3004937 481653 | |||
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