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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On July 5, 2018, the Company borrowed $5 million, less a $0.3 million commitment fee, under the Kien Huat Subordinate Loan Agreement. On July 31, 2018, the Company borrowed an additional $5 million. See Note H for a discussion of the terms of the Kien Huat Subordinate Loan Agreement.
On July 9, 2018 and July 23, 2018, Montreign Operating drew down $8 million and $53 million, respectively, under the Term A Loan. The July 23, 2018 drawdown was the last in a series of drawdowns on the Term A Loan. The Term A Loans were borrowed at LIBOR plus 5.0% interest rates under the Term Loan Facility. The total amount drawn down under the Term A Loan prior to the expiration of the borrowing period on July 24, 2018 was $70 million. See Note G for a discussion of the terms of the Term Loan Facility.
On August 7, 2018, the Company entered into an engagement agreement (the "Moelis Engagement Agreement") pursuant to which it engaged Moelis & Company LLC ("Moelis") to act as the Company’s exclusive financial advisor in its review of opportunities in online gaming, sports betting and interactive gaming. Pursuant to the Moelis Engagement Agreement, Moelis has also been engaged as exclusive financial advisor with respect to a strategic financing transaction for the Company, if any. Pursuant to the Moelis Engagement Agreement, we will pay Moelis a retainer fee of $100,000 upon execution. In the event a transaction is consummated, the Moelis Engagement Agreement contemplates additional transaction-based fees would be earned by Moelis.