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EXHIBIT 10.3
 

_____________________________________________

PENINSULA GAMING, LLC

AND

PENINSULA GAMING CORP.,

as Issuers

AND

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

FOURTH SUPPLEMENTAL INDENTURE

Dated as of February 1, 2011

TO THE

INDENTURE

Dated as of August 6, 2009

_____________________________________________

8⅜% Senior Secured Notes due 2015

NEWYORK 8019964 (2K)
   

 
 

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FOURTH SUPPLEMENTAL INDENTURE
 
Fourth Supplemental Indenture (this “Supplemental Indenture”), dated as of
February 1, 2011, among Peninsula Gaming, LLC, a Delaware limited liability
company (the “Company”), Peninsula Gaming Corp., a Delaware corporation (“PGC”
and, together with the Company, the “Issuers”) and U.S. Bank National
Association, as trustee and collateral agent under the Indenture referred to
below (the “Trustee”).  Capitalized terms used herein but not otherwise defined
shall have the meanings ascribed thereto in the Indenture.
 
W I T N E S S E T H
 
WHEREAS, the Issuers and the Trustee are parties to that certain Indenture,
dated as of August 6, 2009 (as amended by a First Supplemental Indenture, dated
as of October 29, 2010, a Second Supplemental Indenture, dated as of January 27,
2011 and a Third Supplemental Indenture, dated as of January 31, 2011, the
“Indenture”), relating to the Issuers’ 8⅜% Senior Secured Notes due 2015 (the
“Notes”);
 
WHEREAS, Section 9.2 of the Indenture permits the Issuers and the Trustee to
amend the Indenture as set forth in Section 2.1 of this Supplemental Indenture
with the consent of the Holders of a majority in aggregate principal amount of
the outstanding Notes;
 
WHEREAS, the Issuers solicited consents (the “Consent Solicitation”) of the
Holders to amend the Indenture as set forth in Section 2.1 of this Supplemental
Indenture upon the terms and subject to the conditions set forth in the Issuers’
consent solicitation statement, dated January 27, 2011 (the “Consent
Solicitation Statement”) and accompanying consent form (together with the
Consent Solicitation Statement, as each may be amended, supplemented or modified
from time to time, the “Consent Documents”);
 
WHEREAS, Holders of a majority in aggregate principal amount of outstanding
Notes have consented to the amendments to the Indenture set forth in Section 2.1
of this Supplemental Indenture;
 
WHEREAS, the Issuers have requested the Trustee and the Trustee has agreed to
join in the execution of this Supplemental Indenture pursuant to Sections 9.2
and 9.6 of the Indenture on the terms and subject to the conditions set forth
below.

NOW, THEREFORE, in consideration of the promises and mutual agreements herein
contained, the Issuers and the Trustee mutually covenant and agree for the equal
and proportionate benefit of the Holders from time to time of the Notes as
follows:

ARTICLE I
INDENTURE

1.1           Integral Part.  This Supplemental Indenture constitutes an
integral part of the Indenture.

 
1

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ARTICLE II
AMENDMENTS TO THE INDENTURE

2.1           Amendment to Section 2.14.  Section 2.14 of the Indenture is
hereby amended and restated to read in its entirety as follows:
 
SECTION 2.14  Issuance of Additional Notes.  The Issuers may, subject to Section
4.7 hereof and applicable law, issue Additional Notes, in an aggregate principal
amount (immediately after giving effect to the incurrence of such Additional
Notes and the application of the proceeds therefrom) not to exceed the
Additional Notes Cap; provided, however, that the foregoing limitation shall not
apply to an issuance of Additional Notes pursuant to Section 4.7(b)(i) hereof.
The Notes issued on the Issue Date and any Additional Notes subsequently issued
shall be treated as a single class for all purposes under this Indenture.

ARTICLE III
MISCELLANEOUS

3.1           The Trustee.  The recitals in this Supplemental Indenture shall be
taken as the statements of the Issuers, and the Trustee assumes no
responsibility for their correctness.  The Trustee makes no representations as
to the validity or sufficiency of this Supplemental Indenture.

3.2           Limited Effect.  Upon operativeness of the amendments contained in
Section 2.1 hereof, this Supplemental Indenture shall be deemed to be an
amendment to the Indenture, and the Indenture shall be ratified, approved and
confirmed in each and every respect. All references to the Indenture in the
Notes or any other document, instrument, agreement or writing shall, upon
operativeness of the amendments contained in Section 2.1 hereof, be deemed to
refer to the Indenture as amended.

3.5           Efectiveness.  This Supplemental Indenture will become effective
and binding upon the Issuers, the Trustee and the Holders upon its execution.
 
3.6           Operativeness.  Section 2.1 of this Supplemental Indenture will
become operative upon, and simultaneously with, and shall have no force or
effect prior to, the consummation by the Issuers of the Consent Solicitation
pursuant to the terms and conditions of the Consent Documents.

3.3           Counterparts; Facsimile Signatures.  This Supplemental Indenture
may be executed by the parties hereto in separate counterparts, including by
facsimile, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute but one and the same
instrument.

3.4           GOVERNING LAW.  THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK,
INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK
GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B);
PROVIDED, THAT WITH RESPECT TO THE CREATION, ATTACHMENT, PERFECTION, PRIORITY,
ENFORCEMENT OF AND REMEDIES RELATING TO THE SECURITY INTEREST IN ANY REAL
PROPERTY COLLATERAL, THE GOVERNING LAW MAY BE THE LAWS OF THE JURISDICTIONS
WHERE SUCH COLLATERAL IS LOCATED WITHOUT REGARD TO THE CONFLICT OF LAW
PROVISIONS THEREOF.

 
(signature pages follow)
 

NEWYORK 8019964 (2K)
 
 

 
2

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture
to be duly executed as of the date and year first written above.

  PENINSULA GAMING, LLC          
 
By:
/s/ Natalie Schramm       Name:  Natalie Schramm       Title:    Chief Financial
Officer          

  PENINSULA GAMING CORP.          
 
By:
/s/ Natalie Schramm       Name:  Natalie Schramm       Title:    Chief Financial
Officer    

 

 

NEWYORK 8019964 (2K)
 
Peninsula Gaming
Fourth Supplemental Indenture – Senior Secured Notes

 
 

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  U.S. BANK NATIONAL ASSOCIATION, as Trustee          
 
By:
/s/ Donald T. Hurrelbrink       Name:  Donald T. Hurrelbrink       Title:   
Vice President    

 
 
 

 
 
 

 
 
 

 

NEWYORK 8019964 (2K)
 
Peninsula Gaming
Fourth Supplemental Indenture – Senior Secured Notes

 
 

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