June 03, 2013

LRWC secures P3 B loan for Belle Grande

Leisure and Resorts World Corp.’s (LRWC)  wholly-owned subsidiary AB Leisure Global, Inc. (ABLGI), as borrower, executed an Omnibus Loan and Security Agreement (OLSA) of P3 B with BDO Unibank, Inc. as Lender, BDO Unibank, Inc. – Trust and Investment Group as Security Trustee and the Company, LRWC, as Surety.

The OLSA was executed to partially fund the ABLGI contribution for the Belle Grande Integrated Casino & Resort Project. In exchange for ABLGI's contribution, ABLGI shall be entitled to 30% of the fixed yearly income generated from the lease of all commercial spaces in the project, inclusive of the hotel, retail and casino premises.

Moreover, ABLGI shall be paid fees equivalent to 30% of the 50% share of Premium Leisure and Amusement, Inc. (PLAI) on the EBITDA from casino operations or 30% of PLAI’s 15% share of the Net Win, whichever is higher, after deducting PLAI's Royalty which is based on Gross Win. - WealthSec