Document:

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                                                                   Exhibit 10.10

                BKF CAPITAL GROUP, INC.
                        RESTRICTED STOCK AWARD AGREEMENT

     THIS RESTRICTED STOCK AWARD AGREEMENT (the "Agreement") is made and entered
into as of ____ (the "Grant Date"), between BKF Capital Group, Inc., a Delaware
corporation ("BKF"), and ____ (the "Employee") pursuant to the terms and
conditions of the BKF 1998 Incentive Compensation Plan, as amended and restated
(the "Plan"). Capitalized terms not defined in this Agreement shall have the
meanings set forth in the Plan. By execution below, Employee agrees to be bound
by the terms and conditions described herein and the provisions of the Plan.

     1.  Grant of Restricted Stock.

         (a)   As of the Grant Date, BKF's Compensation Committee (the
     "Committee") grants to Employee an aggregate of ____shares of BKF common
     stock, $1.00 par value (the "Stock"), provided that during the Restriction
     Period (as defined below), such shares shall not be sold, assigned,
     transferred, pledged, hypothecated or otherwise disposed of (the
     "Restricted Stock").

         (b)   Shares of Restricted Stock issued to Employee shall be held in
     escrow during the Restriction Period (as defined below) by BKF or by an
     escrow agent appointed by the Committee. The Committee may require stock
     powers endorsed in blank to be executed by Employee with respect to such
     shares to facilitate the forfeiture and cancellation of such shares in the
     event vesting conditions are not satisfied.

     2.  Restriction Period. Except as expressly provided herein, the
     restrictions set forth in Section 1 hereof shall commence as of the Grant
     Date and shall lapse (and the Restricted Stock shall vest) in ___
     installments: ___% on [date], __% on [date] and the remainder on [date],
     with any fractional share included in the last installment (the entirety of
     such period referred to herein as the "Restriction Period"). Shares of
     Stock not previously forfeited or canceled shall be delivered to Employee
     by BKF or the escrow agent appointed by BKF, free of all restrictions, no
     later than 10 days after the expiration of the Restriction Period, provided
     that fractional shares may be settled in cash.

     3.  Shareholder Rights. During the Restriction Period, Employee shall be
     entitled to receive dividends on the Restricted Stock when, as, and if
     dividends are declared and paid on BKF's Stock, shall be entitled to vote
     Restricted Stock on any matter submitted to a vote of holders of BKF's
     Stock, and shall have all other rights of a shareholder of BKF except as
     otherwise expressly provided hereunder.

     4.  Termination of Employment.

         (a)   Except to the extent otherwise provided herein or any employment
     agreement or severance agreement between Employee and BKF, the provisions
     of this Section 4 shall apply to the Restricted Stock upon Employee's
     termination

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     of employment with BKF and all subsidiaries or affiliates of BKF
     ("Termination") for any reason.

         (b)   In the event of Employee's Termination by reason of death or
     Disability (as defined below), or by BKF without Cause, all restrictions
     shall lapse (and the Restricted Stock shall vest) as to the aggregate
     number of shares of Restricted Stock then subject to restriction, and BKF
     shall promptly transfer shares of Stock, free of such restrictions, to
     Employee.

         (c)   In the event of Employee's Termination for any reason other than
     as provided in Section 4(b), all unvested Restricted Stock held by Employee
     shall be immediately forfeited and canceled.

     5.  Change in Control.

         (a)   Provided that the Restricted Stock granted hereunder has not
     otherwise been forfeited or cancelled, upon the occurrence of a Change in
     Control, all restrictions shall lapse (and the Restricted Stock shall vest)
     as to the aggregate number of shares of Restricted Stock then subject to
     restriction, and BKF shall promptly transfer shares of Stock, free of such
     restrictions, to Employee.

         (b)   For purposes of this Agreement, a "Change in Control" means the
     occurrence of any of the following:

         (i)   any "person" as such term is currently used in Section 13(d) of
         the Exchange Act becomes a "beneficial owner", as such term is
         currently used in Rule 13d-3 promulgated under that Act, of 50% or
         more of BKF's Voting Stock (as defined);

         (ii)  all or substantially all of the assets or business of BKF are
         disposed of pursuant to a merger, consolidation, or other transaction,
         unless (A) the shareholders of BKF immediately prior to such merger,
         consolidation or other transaction beneficially own, directly or
         indirectly, in substantially the same proportion as they owned BKF's
         Voting Stock, all of the Voting Stock or other ownership interests of
         the entity or entities, if any, that succeed to the business of BKF,
         or (B) a majority of the board of directors of the surviving
         corporation in such a transaction consists of Incumbent Directors or
         directors appointed by Levin Management Co., Inc. but excluding
         directors who were members of the other entity's board of directors;

         (iii) the board of directors of BKF (the "Board") adopts any plan of
         liquidation providing for the distribution of all or substantially all
         of BKF's assets; or

         (iv)  BKF combines with another company and is the surviving
         corporation but, immediately after the combination, the shareholders
         of

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         BKF immediately prior to the combination hold, directly or indirectly,
         50% or less of the Voting Stock of the combined company (there being
         excluded from the number of shares held by such shareholders, but not
         from the Voting Stock of the combined company, any shares received by
         affiliates of such other company in exchange for securities of such
         other company).

     6.  Additional Forfeiture Conditions.

         (a)   Unless the Committee determines otherwise, Employee's rights in
     respect of any unvested Restricted Stock shall immediately terminate and no
     shares of Stock shall be delivered in respect of such Restricted Stock if
     prior to the scheduled vesting date (A) Employee engages in conduct
     specified in Section 6(b), or (B) Employee fails to provide the
     representations and certifications required under Section 6(c); provided,
     however, that in the event Employee is terminated by BKF and/or its
     subsidiaries or affiliates without Cause, Employee shall not be required to
     refrain from the conduct specified in Section 6(b) or provide the
     representations and certifications required under Section 6(c) to receive
     the number of shares of Stock corresponding to the number of shares of
     Restricted Stock that have vested prior to the date of such Employee's
     termination without Cause.

         (b)   Employee will have engaged in conduct specified in this
     Section 6(b) if, as determined by the Committee, at any time prior to the
     scheduled vesting date, Employee:

         (i)   competes, directly or indirectly, whether as owner, partner,
         investor, consultant, agent, employee, co-venturer or otherwise, with
         BKF and/or its subsidiaries or affiliates in the United States in the
         money management business ("Competitive Endeavors") or undertakes any
         planning for any business that would constitute a Competitive
         Endeavor. For purposes of this Section 6(b)(i), the business of BKF
         and/or its subsidiaries or affiliates shall include all Products and
         Services (as defined below) offered by BKF or any of its subsidiaries
         or affiliates or under development, and the Employee's undertaking
         shall encompass all products and services that may be used in
         substitution for Products and Services;

         (ii)  undertakes any outside activity without the prior written
         approval of the Committee, whether or not competitive with the business
         of BKF and/or its subsidiaries or affiliates, that could reasonably
         give rise to a conflict of interest or otherwise interfere with the
         Employee's duties and obligations to BKF and/or any of its subsidiaries
         or affiliates. Notwithstanding the foregoing, the Employee may (A) to
         the extent such activities are not competitive with the business of BKF
         and/or its subsidiaries or affiliates, engage in charitable, civic or
         other community activities without compensation to the Employee, and
         (B) render without compensation investment advisory and trust services
         to immediate members of the Employee's family, which shall include the
         Employee and any trust or account that is comprised primarily of assets
         held for the benefit of such Employee and/or immediate members of his
         family;

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         (iii) directly or indirectly, (A) hires or attempts to hire any person
         who is, or during the prior six-month period was, an employee of BKF
         and/or any of its subsidiaries or affiliates, (B) assists another in
         hiring or attempting to hire any such person, (C) encourages any such
         person to terminate his or her employment with BKF and/or any of its
         subsidiaries or affiliates (other than in the course of the Employee's
         proper performance of his duties hereunder), (D) solicits or accepts
         business from any person or entity which is, or during the prior
         six-month period was, a client of BKF and/or any of its subsidiaries or
         affiliates, (E) assists another in soliciting or accepting business
         from any such person or entity, or (F) encourages any such person or
         entity to terminate its business relationship with BKF and/or any of
         its subsidiaries or affiliates (other than in the conduct of the
         Employee's proper performance of his duties); or

         (iv)  fails to (A) comply with the code of ethics of BKF, as in effect
         from time to time, and (B) notify the Committee of all directorships
         or memberships on a board of directors or board of trustees held by
         the Employee, regardless of whether (y) such office was held by the
         Employee prior to the date hereof or (z) such office would require
         prior written consent of the Committee.

         (c) Employee must certify to BKF, in accordance with procedures
     established by the Committee, that Employee has complied with all the terms
     and conditions of this Agreement as of the date such Restricted Stock
     vests. By accepting the delivery of shares of Stock under this Agreement,
     Employee shall be deemed to have represented and certified at such time
     that Employee has complied with all the terms and conditions of this
     Agreement.

Unless the Committee determines otherwise, if the vesting date in respect of any
outstanding Restricted Stock occurs, and shares of Stock with respect to such
Restricted Stock would be deliverable under the terms and conditions of this
Agreement except that Employee has not complied with the conditions or
Employee's obligations under this Section 6 (except in the event of Employee's
death or a Disability that impairs Employee's ability to so comply), all of
Employee's rights with respect to such Restricted Stock shall terminate, and no
shares of Stock shall be delivered. The parties intend that the foregoing
provisions of this Section 6 be deemed to be a series of separate covenants, one
for each and every county of each and every state of the United States of
America and each and every political subdivision of each and every country
outside the United States of America where this provision is intended to be
effective.

     7.  Repayment. If, following the delivery of Stock to Employee, the
Committee determines that all terms and conditions of this Agreement in respect
of such delivery were not satisfied, BKF shall be entitled to receive, and
Employee shall be obligated to pay BKF immediately upon demand therefor, the
Fair Market Value of the shares of Stock (determined as of the relevant vesting
date) that were delivered to Employee without reduction for any shares of Stock
applied to satisfy withholding tax or other obligations in respect of such
shares.

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     8.  Definitions. Unless otherwise defined in any employment agreement
between Employee and BKF (in which case such definition shall apply with respect
to such Employee), the following terms shall have the meanings ascribed to them:

          (i)   "Cause" means Employee's (A) conviction, whether following trial
                or by plea of guilty or nolo contendere (or similar plea), in a
                criminal proceeding (x) on a misdemeanor charge involving fraud,
                false statements or misleading omissions, wrongful taking,
                embezzlement, bribery, forgery, counterfeiting or extortion, or
                (y) on a felony charge or (z) on an equivalent charge to those
                in clauses (x) and (y) in jurisdictions that do not use those
                designations; (B) engaging in any conduct that constitutes an
                employment disqualification under applicable law (including
                statutory disqualification as defined under the Securities and
                Exchange Act of 1934, as amended); (C) willful failure to
                perform Employee's duties to BKF and/or any of its subsidiaries
                or affiliates; (D) violation of any securities or commodities
                laws, any rules or regulations issued pursuant to such laws, or
                the rules and regulations of any securities or commodities
                exchange or association of which BKF or any of its subsidiaries
                or affiliates is a member; (E) violation of any BKF policy
                concerning hedging or confidential or proprietary information,
                or Employee's material violation of any other BKF policy as in
                effect from time to time; (F) engaging in any act or making any
                statement that impairs, impugns, denigrates, disparages or
                negatively reflects upon the name, reputation or business
                interests of BKF and/or any of its subsidiaries or affiliates;
                or (G) engaging in any conduct detrimental to BKF and/or any of
                its subsidiaries or affiliates. The determination as to whether
                "Cause" has occurred shall be made by the Committee in its sole
                discretion. The Committee shall also have the authority in its
                sole discretion to waive the consequences under the Plan or any
                Agreement of the existence or occurrence of any of the events,
                acts or omissions constituting "Cause".

          (ii)  "Disability" means the Employee's inability, due to physical or
                mental incapacity, to substantially perform his duties and
                responsibilities of employment for a period of 180 days in any
                consecutive nine-month period.

          (iii) "Products and Services" means all products and services offered,
                planned, researched, developed, tested, sold, licensed, marketed
                or otherwise provided by BKF and/or any of its subsidiaries or
                affiliates during the Employee's employment.

          (iv)  "Voting Stock" means the issued and outstanding capital stock or
                other securities of any class or classes having

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                general voting power, under ordinary circumstances in the
                absence of contingencies, to elect the directors of a
                corporation.

     9.  No Assignment of Restricted Stock. During the Restriction Period, the
Restricted Stock granted hereunder shall not be subject in any manner to sale,
transfer, pledge, assignment, encumbrance, division or other disposition,
whether by operation of law or otherwise and whether voluntarily or
involuntarily, including any division of property incident to a divorce or other
allocation of marital property.

     10. Adjustment. During the Restriction Period, the aggregate number of
shares of Restricted Stock granted hereunder shall be subject to adjustment due
to any stock split, stock dividend or other form of recapitalization by BKF,
such adjustment to be determined by the Committee acting in good faith.

     11. Employment Rights. Neither this Agreement nor the grant of Restricted
Stock hereunder shall be deemed to confer on Employee any right to continue in
the employ of BKF or to interfere, in any manner, with the right of BKF to
terminate employment for any reason or no reason in its sole discretion, subject
to the terms of any separate agreement between Employee and BKF.

     12. Amendment and Modification. The terms and conditions set forth herein
may be amended only in writing signed by both Employee and an authorized officer
of BKF.

     13. Successors and Assigns. This Agreement shall be binding upon and shall
inure to the benefit of Employee and BKF, including their respective heirs,
executors, administrators, successors and assigns.

     14. Plan and Available Information. The Restricted Stock granted hereunder
shall be subject to such additional terms and conditions as may be imposed under
the terms of the Plan, a copy of which has been furnished with this grant. If
any conflict exists between this Agreement and the Plan, the Plan shall prevail.

     15. Governing Law. The validity, construction, and effect of all rules and
regulations applicable to this award shall be determined in accordance with the
laws of the State of New York and applicable Federal law.

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     16. Withholding Tax. BKF may deduct from any payment to be made to Employee
any amount that federal, state, local or foreign tax law requires to be withheld
with respect to the grant of Restricted Stock or delivery of shares of Stock
hereunder. At the Committee's election, BKF may withhold from the number of
shares of Stock to be delivered upon expiration of the Restriction Period a
number of whole shares up to but not exceeding that number which has a fair
market value nearest but not exceeding the amount of taxes required to be
withheld with respect to such expiration of restrictions.

                                                 BKF CAPITAL GROUP, INC.

                                                 By:
                                                    ------------------------

                                                 EMPLOYEE

                                                 -------------------------------EX-10.14:

 

EXHIBIT 10.14

TAX ALLOCATION AGREEMENT

     Agreement as of May 26, 2004 by and among American Entertainment Properties Corp.
(“Parent”), a Delaware corporation, having offices at 2000 Las Vegas Blvd. South, Las
Vegas, Nevada 89104, and American Casino & Entertainment Properties LLC, a Delaware limited
liability company (“Issuer”), having offices at 2000 Las Vegas Blvd. South, Las Vegas,
Nevada 89104, and Issuer Subsidiaries (as defined below).

     WHEREAS, Issuer is treated, for federal income tax purposes, as a disregarded entity,
of which all items of income, deduction, gain and loss are treated as having been earned or
incurred by Parent;

     WHEREAS, Issuer is the sole direct or indirect owner of certain limited liability
companies which are likewise treated as disregarded entities, of which all items of income,
deduction, gain and loss are treated as having been earned or incurred by Parent;

     WHEREAS, Parent is the common parent of an affiliated group (as such term is defined
in the Internal Revenue Code of 1986, as amended, or any succeeding law (the “Code”)) which
includes the Issuer Corporate Subsidiaries (as defined below):

     WHEREAS, Parent and its subsidiaries will file consolidated federal income tax returns
(“Consolidated Federal Returns”) for all periods in which Parent and such subsidiaries are
members of an affiliated group (as defined in the Code); and

     WHEREAS, Parent and Issuer believe it is desirable to provide for the allocation and
payment of federal and state income tax liabilities and certain related matters.

     NOW, THEREFORE, in consideration of the foregoing and of the covenants set forth
below, the parties hereto have agreed as follows:

	1.	 	Definitions.

	 	(i)	 	“Issuer Group” means Issuer together with the Issuer
Subsidiaries. “Issuer Subsidiaries” means the Issuer Corporate
Subsidiaries and the Issuer Disregarded Entities. “Issuer Corporate
Subsidiaries” means Stratosphere Corporation, American Casino &
Entertainment Properties Finance Corp. and any other direct and
indirect subsidiaries of Issuer which are corporations eligible to be

 

 

	 	 	 	included in a Consolidated Return (as defined below) with Parent.
“Issuer Disregarded Entities” means Charlie’s Holding LLC, Arizona
Charlie’s, LLC, Fresca, LLC and any other entities which are
directly or indirectly wholly-owned by Issuer and which, for federal
income tax purposes, are treated as disregarded entities of which
all items of income, deduction, gain and loss are treated as earned
or incurred by Parent.

	 	(ii)	 	“Consolidated Returns” mean all Consolidated Federal
Returns and all state income or franchise tax returns filed by Parent
on a consolidated or combined basis with the Issuer Group
(“Consolidated State Returns”).
	 
	 	(iii)	 	“Federal Income Taxes” means any income tax imposed
under the Code including, without limitation, the corporate income tax,
the minimum tax imposed on corporations, and the personal holding
company tax.
	 
	 	(iv)	 	“State Income Taxes” means any income or franchise tax
imposed under the tax law of any state (or political subdivision
thereof) including, without limitation, corporate income taxes and
minimum taxes.
	 
	 	(v)	 	“Net Operating Loss” means the amount of any net
operating loss as defined in the Code or under the tax law of any
state.
	 
	 	(vi)	 	“Net Capital Loss” means the amount of any net capital
loss as defined in the Code or under the tax law of any state.
	 
	 	(vii)	 	“Credit” means the amount of any tax credit allowed
under the Code or under the tax law of any state including, without
limitation, investment tax credits and foreign tax credits.
	 
	 	(viii)	 	The “Regulations” means the regulations and proposed regulations
issued by the Secretary of the Treasury interpreting the Code.

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	 	(ix)	 	The “Consolidated Group” means the affiliated group (as
defined in the Code) of which Parent (or its successor) is the common
parent, for so long as such affiliated group files a Consolidated
Return.
	 
	 	(x)	 	“Tax Benefits” as to any entity (or group of entities)
means the Net Operating Loss, Net Capital Loss, and Credits generated
by or available to such entity (or group of entities) and any
carryforwards or carrybacks thereof.
	 
	 	(xi)	 	“Final Determination” shall mean the final resolution
of liability for any Tax for a taxable period, (i) by IRS Form 870 or
870-AD (or any successor form thereto), on the date of the final
acceptance by or on behalf of a party thereto, or by a comparable form
under the laws of another jurisdiction; except that a Form 870 or
870-AD or comparable form that reserves (whether by its terms or by
operation of law) the right of the taxpayer to file a claim for refund
and/or the right of taxing authority to assert a further deficiency
shall not constitute a Final Determination; (ii) by a decision,
judgment, decree, or other order by a court of competent jurisdiction,
which has become final and unappealable; (iii) by a closing agreement
or accepted offer in compromise under Section 7121 or 7122 of the Code,
or comparable agreement under the laws of another jurisdiction; (iv) by
any allowance of a refund or credit in respect of an overpayment of
Tax, but only after the expiration of all periods during which such
refund may be recovered (including by way of offset) by the Tax
imposing jurisdiction; or (v) by any other final disposition, including
by reason of the expiration of the applicable statute of limitations or
by mutual agreement of the parties.

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	 	(xii)	 	“Indenture Trustee” means Wilmington Trust Company, or
any replacement or successor trustee under that certain indenture dated
January 29, 2004 with respect to the Debt.
	 
	 	(xiii)	 	“Debt” means (a) 7.85% Senior Secured Notes due 2012 of the Issuer,
and (b) any substantially similar notes of the Issuer issued pursuant
to an exchange offer as provided for in the terms of such notes.

	2.	 	Joinder in Consolidated Returns.

	 	(a)	 	Issuer hereby agrees and consents (i) to cause each Issuer Corporate
Subsidiary to join with the Consolidated Group in the filing of Consolidated
Returns with respect to any fiscal year in which Parent elects to file such
returns, (ii) to furnish to Parent, and cause each Issuer Subsidiary to furnish
to Parent, all information relating to members of the Issuer Group as may be
necessary or appropriate for the preparation of Consolidated Returns, (iii) to
cause each Issuer Corporate Subsidiary to execute and deliver to Parent all
consents, directors’ resolutions and other documentation which Parent may
reasonably require to evidence Parent’s authority to file Consolidated Returns,
and (iv) to cause each Issuer Corporate Subsidiary to maintain the same fiscal
year as Parent for all periods in which Parent and Issuer are members of an
affiliated group (as defined in the Code).
	 
	 	(b)	 	Parent hereby consents to join with the Consolidated Group in the
filing of Consolidated Returns; provided, however, that Parent is not precluded
from taking any action which would require Parent to discontinue the filing of
Consolidated Returns including, without limitation, a sale or other disposition
of all or a portion of its stock ownership in Issuer and/or the filing of an
application with the Commissioner of Internal Revenue, or other appropriate
authorities, including tax authorities of any state (or political subdivision
thereof) (“Taxing Authorities”) on behalf of the

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	 	 	 	Consolidated Group, requesting permission to discontinue the filing of
Consolidated Returns.
	 
	 	(c)	 	Parent shall prepare and file Consolidated Returns on behalf of the
Consolidated Group and shall make all decisions regarding any elections or
other matters relating to the preparation and filing of Consolidated Returns;
provided, however, that in making elections and other decisions with respect to
members of the Issuer Group, Parent shall consult with the Issuer Group and in
good faith consider their recommendations regarding the possibility of making
such elections.

	3.	 	Payment of Tax and Refunds.

     Subject to the provisions of this Agreement and compliance with the terms hereof,
Parent shall be obligated to and shall make all payments and be entitled to all refunds of
Federal Income Taxes and estimated Federal Income Taxes on behalf of any and all members of
the Consolidated Group, and shall indemnify and hold the members of the Issuer Group
harmless against all such Taxes (including penalties and interest). Further, subject to
the provisions of this Agreement and compliance with the terms hereof, whenever Parent
elects to file state or local income or franchise tax returns on a consolidated or combined
basis, Parent shall be obligated to and shall make all payments and be entitled to all
refunds of such State Income Taxes and estimated State Income Taxes (such actual and
estimated State Income Taxes are referred to herein as “Consolidated State Income Taxes”)
on behalf of all members of the Consolidated Group, and shall indemnify and hold the
members of the Issuer Group harmless against all such Taxes (including penalties and
interest). Subject to the provisions of Section 5(a) of this Agreement, (and to the extent
not indemnified pursuant to the two immediately preceding sentences) for all periods on or
after the date hereof, Parent shall indemnify and hold Issuer and the other members of the
Issuer Group harmless against all Federal Income Taxes, Consolidated State Income Taxes,
and State Income Taxes and local income taxes payable by or with respect to any member of
the Consolidated Group other than the members of the Issuer Group, including any interest
and penalties with respect thereto and reasonable out-of-pocket expenses (including legal
and accounting expenses)

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incurred by the Issuer Group in connection with an administrative or judicial
proceeding initiated by a governmental authority relating to any such tax.

	4.	 	Payments by Issuer to Parent.

	 	(a)	 	Issuer shall pay to Parent, for the Consolidated Group’s 2004 taxable
year and subsequent fiscal years or periods during which Issuer Corporate
Subsidiaries are included in a Consolidated Return with the Consolidated Group,
an amount equal to the amount of Federal Income Taxes and Consolidated State
Income Taxes that the Issuer Group would have been required to pay to the
Taxing Authorities, computed as though (i) the Issuer was a corporation, (ii)
neither the Issuer nor any Issuer Subsidiary were part of the Consolidated
Group, (iii) all items of income, deduction, gain and loss of each Issuer
Disregarded Entity were treated as earned or incurred by Issuer, and (iv)
Issuer and the Issuer Corporate Subsidiaries had filed Consolidated Returns for
federal, state and/or local tax purposes, as the case may be, as though Issuer
were the common Parent corporation (the “Issuer Group Taxes”),
provided, however, that payment pursuant to this Section 4(a)
shall only be required for periods in which the Issuer is treated, for federal
income tax purposes, as either (a) a disregarded entity, or (b) a corporation
which is part of the same affiliated group as Parent. The above calculation
shall give effect to any federal, state or local Net Operating Loss, Net
Capital Loss and Credit carryforwards or carrybacks which would have been
available to the Issuer Group if it had never been included in a Consolidated
Return with the Consolidated Group, but such calculation shall be subject to
any audit adjustments and any limitations on the utilization of tax attributes
(including, without limitation, such carryforwards and any limitations on the
utilization of depreciation, amortization or other similar deductions) of the
Issuer Group imposed by law.
	 
	 	(b)	 	If, for any year, the Issuer Group would, under the principles of
Section 4(a), have been entitled to carry back any Net Operating Loss, Net
Capital

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	 	 	 	Loss or Credit to any prior year for which the Issuer made a payment (the
“Prior Payment”) under Section 4(a), then, to the extent such carryback
would have resulted in a refund of federal, state or local tax had the Prior
Payment been paid to one or more governmental authorities as Issuer Group
Taxes, Parent shall refund the Prior Payment to Issuer. Any payment
pursuant to this Section 4(b) shall be made no later than the due date
(including extensions) of the Consolidated Returns for the year which gives
rise to the carryback.
	 
	 	(c)	 	The amounts payable under Section 4(a) (including amounts in respect of
estimated tax) shall be determined by KPMG, LLP or another nationally
recognized firm of certified public accountants, which shall inform Parent and
Issuer, and, unless all of the Debt is paid in full, provide a certificate to
the Indenture Trustee, of such amount. Issuer shall pay to Parent any such
amount that would be due on the basis of the foregoing calculations within
three business days after such notification and certificate have been provided.
The excess of any amounts paid to Parent, with respect to estimated tax
payments under this Section 4(c) for a taxable year, over the liability of the
Issuer Group to Parent under Section 4(a) for such year, shall be refunded by
Parent to Issuer within three business days after Issuer notifies Parent that
it has made such an excess payment.
	 
	 	(d)	 	Issuer shall indemnify and hold Parent harmless against any liability
for any interest and penalties with respect thereto imposed upon Parent by
reason of any false or fraudulent information supplied by any member of the
Issuer Group to Parent in connection with the determination of the federal,
state, or local income tax liability payable by any member of the Consolidated
Group.

	5.	 	Adjustments

	 	(a)	 	In the event of a Final Determination with respect to the tax liability
of the Consolidated Group, appropriate adjustments (including, without
limitation, adjustments to Issuer’s payment obligation under Section 4(a)

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	 	 	 	and Parent’s obligation to refund under Section 4(b)) shall, except as
inconsistent with this Agreement, be made hereunder consistent with such
Final Determination. Further, Issuer shall pay to Parent any interest,
penalties and additions to tax imposed in connection with a Final
Determination to the extent that such amounts are attributable to items of
Issuer or its subsidiaries. Similarly, Parent shall pay Issuer any interest
received from a governmental authority in connection with a Final
Determination that there has been an overpayment, together with the amount
of any refund or credit received, to the extent attributable to items of
Issuer or its subsidiaries.

	 	(b)	 	Payments under this Section 5 shall be made promptly after the amounts
thereof are determined and, unless all of the Debt is paid in full, KPMG, LLP,
or another nationally recognized firm of certified public accountants has
certified such amounts to the Indenture Trustee. For purposes of this
Agreement, any Net Operating Loss, Net Capital Loss, or Credit shall be carried
forward or carried back to the extent permitted by law.

	6.	 	Late Filing.

        Notwithstanding any other provisions of this agreement, Parent shall indemnify and
hold harmless the Issuer against any interest or penalties incurred by reason of late
filing of any Consolidated Return for the Consolidated Group, or by reason of late payment
of any tax or estimated tax for the Consolidated Group, unless such late filing or late
payment is due to the fault of Issuers or any other member of the Issuer Group.

	7.	 	State Taxes.

        Issuer and each of the Issuer Subsidiaries shall continue to prepare and file all
applicable state tax returns, at their own expense, and to pay, or cause its subsidiaries
to so prepare, file and pay, all amounts shown to be due thereunder unless Parent elects to
have Issuer and/or members of the Issuer Group file state and/or local tax returns on a
consolidated or combined basis with Parent, provided, however, that, in the case of taxing
jurisdictions which treat the Issuer and the Issuer Disregarded Entities as disregarded
entities, all items of income, deduction, gain or loss of the Issuer and each Issuer

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Disregarded Entity shall, to the extent provided by law, be included in Parent’s tax
returns regardless of whether consolidated or combined returns are filed for such
jurisdictions.

	8.	 	Accounting.

	 	(a)	 	For the purpose of the computation of assumed tax liabilities herein,
all payments made (i) by Parent to Issuer and (ii) by Issuer to Parent,
pursuant to the provisions thereof shall not be considered income to the
recipient of the payment or an expense of the payor, but rather shall be
considered the payment of a tax. Any difference between a Consolidated Group
member’s tax liability under this Agreement and such member’s liability under
Treasury Regulation Sections 1.1502-33 and 1.1552-1 shall be treated as a
distribution with respect to its stock or as a contribution to its capital, as
the case may be.

	9.	 	Parties.

     Any corporation which is an Issuer Subsidiary on the date hereof or which
becomes an Issuer Subsidiary at any time subsequent to such date shall automatically
be subject to the terms and conditions of this Agreement. If any entity other than
Parent shall become the common parent of the affiliated group of corporations for
federal income tax purposes which includes members of the Issuer Group, such entity
shall automatically be substituted for Parent under this Agreement.

	10.	 	Notices.

        All notices, requests, consents and other communications hereunder shall be in writing
and shall be deemed to have been duly and properly given or sent (a) on the date when such
notice, request, consent or other communication is personally delivered with receipt
acknowledged, or (b) if mailed, three days after the date on which the same is deposited in
a post office box and sent by certified or registered mail, return receipt requested,
postage prepaid and addressed to the party for whom intended at its address set

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forth below or to such other address or addresses as any of the parties hereto shall
theretofore designated by notice hereunder.

If to Parent, at:

2000 Las Vegas Blvd. South

Las Vegas, Nevada 89104

Attention: Denise Barton

If to Issuer or the Issuer Subsidiaries, at:

2000 Las Vegas Blvd. South

Las Vegas, Nevada 89104

Telephone: 702-380-7777

Fax: 702-380-4738

Attention: Denise Barton

	11.	 	Entire Agreement.

        This agreement (a) contains the entire understanding of the parties hereto with
respect to the subject matter hereof, (b) shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and performed therein,
and (c) shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.

	12.	 	Amendments.

        This Agreement may not be modified, changed or amended except by a writing signed by
all parties hereto and consented to by the Indenture Trustee, provided,
however, that consent of the Indenture Trustee shall not be required (i) if all of
the Debt has been paid in full, (ii) to amend this Agreement to cure any ambiguity, defect
or inconsistency, or (iii) to amend this Agreement to make any change that would provide
additional rights or benefits to the Issuer, or that does not adversely affect the legal
rights of holders of the Debt.

	13.	 	Further Assurances.

        Each of the parties hereto agrees to execute, acknowledge, deliver, file, record and
publish such further certificates, instruments, agreements and other documents, and to take
all such further actions as may be required by law or deemed necessary or useful in

- 10 -

 

furtherance of the objectives and intentions underlying this Agreement and not
inconsistent with the terms hereof.

	14.	 	Captions.

Captions are inserted for convenience only and shall not be given any legal effect.

- 11 -

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	American Entertainment Properties Corp.

 	 
	 	By:  	    /s/  Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	American Casino & Entertainment Properties

LLC

 	 
	 	By:  	    /s/  Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	American Casino & Entertainment Properties

Finance Corp.

 	 
	 	By:  	    /s/  Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	Charlie’s Holding LLC

 	 
	 	By:  	American Casino & Entertainment Properties LLC
 	 

	 	 	 	 	 
	 	By:  	     /s/  Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	 	Arizona Charlie’s, LLC

 	 
	 	By:  	/s/  Denise Barton
 	 
	 	 	Name:  	Denise Barton 	 
	 	 	Title:  	Senior Vice President, Chief Financial

Officer, Secretary and Treasurer 	 

 

	 	 	 	 	 

	 
	Fresca, LLC

	 

	By: Charlie’s Holding LLC, its sole member

	 

	         By: American Casino & Entertainment

	         Properties LLC, its sole member

	 	 	 	 	 
	 	 	 
	 	By:  	                                                        /s/ Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive

Officer 	 
	 

	 	 	 	 	 
	 	Stratosphere Corporation

 	 
	 	By:  	/s/ Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	Stratosphere Gaming Corp.

 	 
	 	By:  	/s/ Richard P. Brown
 	 
	 	 	Name:  	Richard P. Brown 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	Stratosphere Advertising Agency

 	 
	 	By:  	/s/  Denise Barton
 	 
	 	 	Name:  	Denise Barton 	 
	 	 	Title:  	Chief Financial Officer,

Secretary and Treasurer 	 
	 
	 	Stratosphere Land Corporation

 	 
	 	By:  	/s/  Denise Barton
 	 
	 	 	Name:  	Denise Barton 	 
	 	 	Title:  	Secretary and Treasurer

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