Document:

Exhibit 10.22(a)

 

ILLINOIS
GAMING BOARD

 

 

160 North LaSalle Street, Suite 300,
Chicago, Illinois 60601       Tel:312/814-4700
Fax: 312/8l4-4602

 

March 8,
2006

 

VIA CERTIFIED MAIL

 

Mr. Cezar M. Froelich

Shefsy & Froelich LTD

444 N. Michigan Ave, Suite 2500

Chicago, IL 60611

 

Re:                               Penn National
Gaming, Inc.’s Request for Extension

 

Dear Mr. Froelich:

 

Please be advised that on March 6,
2006, the Illinois Gaming Board unanimously adopted the following resolution
regarding Penn National Gaming, Inc.’s request for extension.

 

RESOLUTION

 

I offer the
following resolution:

 

WHEREAS,
on November 3, 2004 Penn National Gaming, Inc.
(Penn) and Argosy Gaming Company (Argosy) entered into an Agreement and Plan of
Merger;

 

WHEREAS,
on September 29, 2005 the Illinois Gaming Board
approved the merger of Penn and Argosy as well as Penn’s request to sell the
Empress Casino and the Alton Belle Casino pursuant to the Penn-Argosy Merger
Approval Agreement;

 

WHEREAS,
pursuant to the terms of the Penn-Argosy Merger Approval Agreement, Penn was
required to enter into a Definitive Sales Agreement to sell both the Empress
Casino and the Alton Belle Casino by December 31, 2006;

 

WHEREAS,
Penn no longer desires to sell the Alton Belle Casino;

 

WHEREAS,
Penn has requested an extension of time to sell the
Empress Casino;

 

 

NOW
THEREFORE, BE IT RESOLVED as follows:

 

1.               Penn shall enter into a
definitive agreement to divest of the Empress Casino by June 30, 2008;

 

2.               Penn will not sell the Alton
Belle Casino as required by the Penn-Argosy Merger Approval Agreement;

 

3.               Penn shall continue to
operate its Illinois casinos independently to prevent undue economic concentration;

 

4.               The Illinois Gaming Board may require
Penn to accelerate the sale of the Empress Casino within one year if the Board
determines that Penn’s ownership of three Illinois Casinos, or two casinos in
the Chicago area, is causing undue economic concentration;

 

5.               The terms of the Penn-Argosy
Merger Approval Agreement remain in full force and effect, except as modified
by this resolution; and

 

6.               The Board delegates
authority to the Administrator to execute an Amended Penn-Argosy
Merger Agreement reflecting the terms set forth in this Resolution.

 

I move to adopt the
foregoing resolution.

 

Please find enclosed a copy
of said motion.

 

If you should have any
questions regarding this matter, do not hesitate to contact the legal division
at the number listed above.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
  /s/ Mark Ostrowski

  	
   

  
	
   

  	
   

  
	
   

  	
  Mark Ostrowski

  
	
   

  	
  Administrator

  
	
   

  	
   

  
	
  MO/tc

  	
   

  
	
  Mar. 2005/Penn

  	
   

  
	
  Enclosure(s)

  	
   

  
	
  cc:

  	
  Michael Fries (w/o
  enclosures)

  	
   

  
	
   

  	
  File

  	
   

  

 

2

 

ILLINOIS
GAMING BOARD

 

 

160 North LaSalle Street, Suite 300, Chicago, Illinois 60601  Tel: 
312/814-4700  Fax:  312/814-4602

 

Member Gardner offered the
following resolution:

 

WHEREAS,
on November 3, 2004 Penn National Gaming, Inc. (Penn) and Argosy
Gaming Company (Argosy) entered into an Agreement and Plan of Merger;

 

WHEREAS,
on September 29, 2005 the Illinois Gaming Board approved the merger of
Penn and Argosy as well as Penn’s request to sell the Empress Casino and the
Alton Belle Casino pursuant to the Penn-Argosy Merger Approval Agreement;

 

WHEREAS,
pursuant to the terms of the Penn-Argosy Merger Approval Agreement, Penn was
required to enter into a Definitive Sales Agreement to sell both the Empress
Casino and the Alton Belle Casino by December 31, 2006;

 

WHEREAS,
Penn no longer desires to sell the Alton Belle Casino;

 

WHEREAS,
Penn has requested an extension of time to sell the Empress Casino;

 

NOW THEREFORE,
BE IT RESOLVED as follows:

 

1.                                       Penn shall enter into a definitive agreement to
divest of the Empress Casino by June 30, 2008;

 

2.                                       Penn will not sell the Alton Belle casino as
required by the Penn-Argosy Merger Approval Agreement;

 

3.                                       Penn shall continue to operate its Illinois
casinos independently to prevent undue economic concentration;

 

4.                                       The Illinois Gaming Board may require Penn to
accelerate the sale of the Empress Casino within one year if the Board
determines that Penn’s ownership of three Illinois Casinos, or two casinos in
the Chicago area, is causing undue economic concentration;

 

5.                                       The terms of the Penn-Argosy Merger Approval
Agreement remain in full force and effect, except as modified by this
resolution; and

 

 

6.                                       The Board delegates authority to the Administrator
to execute an Amended Penn-Argosy Merger Agreement reflecting the terms set
forth in this Resolution.

 

Member Gardner
seconded the resolution. The Board approved the resolution unanimously by role
call.

 

VOTED BY THE
ILLINOIS GAMING BOARD this 6th day of March, 2006

 

 

	
   

  	
  Illinois
  Gaming Board

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Monica L. Thomas

  	
   

  
	
   

  	
   

  	
  Monica L.
  Thomas

  

 

4Exhibit 10.23(a)

 

AMENDMENT NUMBER TWO

TO

RIVERBOAT GAMING DEVELOPMENT AGREEMENT

BETWEEN CITY OF LAWRENCEBURG, INDIANA,

AND INDIANA GAMING COMPANY, L.P.

 

THIS
AMENDMENT NUMBER TWO TO RIVERBOAT GAMING DEVELOPMENT AGREEMENT (this “Amendment”)
is made as of the 20th day of August,
1996 by and between the City of Lawrenceburg, Indiana, an Indiana municipality
(the “City”), and the Indiana Gaming Company L.P., an Indiana limited
partnership (the “Developer”) for the development of a riverboat gaming
operation.

 

RECITALS

 

WHEREAS,
City and Developer have entered into a Riverboat Development Agreement dated as
of April 13, 1994 (the “Original Agreement”), as amended by Amendment
Number One to Riverboat Gaming Development Agreement dated as of December 28,
1995 (“Amendment No. 1” and together with the Original Agreement the “Agreement”);
and

 

WHEREAS,
City and Developer desire to amend and supplement the Agreement in accordance
with the terms and conditions of this Amendment;

 

NOW,
THEREFORE, in consideration of the terms and conditions set forth herein, City
and Developer hereby agree as follows:

 

Article I

 

Definitions

 

Section 1.1.   To the
extent not otherwise defined herein, capitalized terms used in this Amendment
shall have the meanings ascribed thereto in the Agreement, unless the context
or use indicates another or different meaning or intent.

 

Article II

 

Amendments to Agreement

 

Section 2.1.   The
Agreement shall be, and it hereby is, amended by the addition of a new Section 2.05
thereto, which addition shall follow immediately after Section 2.04 of the
Agreement, and which new Section 2.05 shall be as follows:

 

“Section 2.05. Property Rights Upon
Termination of Gaming Activities at the Site of the Temporary Boat.
Upon termination of gaming activities at the site of the Temporary Boat,
ownership of the transformer and the switch gear located at the site of the
Temporary Boat shall vest in the City and the Developer shall purchase, at the
direction of the City, and convey to the City a barge to be located at the site
of the Temporary Boat which barge shall be not less than forty feet (40’) nor
more than eighty

 

 

feet (80’) wide and not less than one hundred and fifty feet (150’) nor
more than two hundred feet (200’) long as determined by the Developer.”

 

Section 2.2.   Section 3.02
of the Agreement shall be, and hereby is, amended by deleting subsection (h) of
Section 3.02 of the Agreement and replacing same with a new subsection (h) which
shall provide:

 

“(h) The City may use the $10,309,000 referred to as Item 5
in Section 3.02(a) hereof as it determines in its sole discretion,
subject only to the approval of Developer, which approval shall not be
unreasonably withheld. Provided the use of the funds reasonably satisfies
Developer that its reasonably projected sewage volume can be accommodated by
the renovation or replacement of the sewer plant, there shall be no restriction
on whether said funds are used to construct new facilities or to upgrade
existing facilities; or whether said facilities are built by the City or by
South Dearborn Regional Sewer District. City may, at its sole discretion and
subject only to Developer’s reasonable approval set forth above, provide said
funds to the South Dearborn Regional Sewer District for modifications to
existing facilities and to pay the entire cost thereof.”

 

Section 2.3.   Section 4.06
of the Agreement is hereby amended by renumbering subsection (b)(vi) thereof
as new subparagraph (b)(ix) and adding new subparagraphs (b)(vi), (vii) and
(viii) as follows:

 

(b)(vi) A breach in the Lawrenceburg Conservancy District flood
protection levee with an opening width of forty feet (40’) (“Levee Breach”).

 

(b)(vii) A bridge over the Levee Breach suitable for pedestrian
passage which shall have a width of not less than ten feet (10’). Developer
further agrees to use its reasonable efforts to coordinate the construction of
this Breach Bridge with City agents charged with the responsibility of planning
the levee walk project. Nothing in this provision shall be construed to impose
an affirmative obligation on Developer to take any measures the reasonably
anticipated result of which could cause Developer to expend additional funds or
delay the completion of Developer’s construction (including delays caused by
Corps of Engineers permit considerations).

 

(b)(viii) Assistance to the City in the City’s efforts to work
with Central Railroad Company of Indiana or CSX Transportation, Inc. in
addressing concerns of such railroads concerning the grade crossing of the
tracks at Walnut Street.

 

Section 4.06(g)(ii)(G) of
the Agreement shall be amended by adding to subparagraph (11) thereof after the
word “City” the following language:

 

“together with those items listed in Section 2.05 hereof.”

 

Section 2.4.   Section 5.04
of this Agreement is hereby amended by deleting the first sentence of Section 5.04
and substituting therefor the following:

 

“Within thirty (30) days of the issuance by the Corps of Engineers of a
permit to allow construction to begin at the site of the Permanent Boat,
Developer shall submit to City a

 

2

 

proposed construction schedule indicating the anticipated starting
and completion dates of the various stages of the work to be performed to
complete the Project.”

 

Section 2.5.   Section 5.07(a) of
this Agreement is amended by deleting the first sentence thereof and
substituting therefor the following:

 

“Subject to the provisions of subsection (b) and except as may otherwise
be provided in the final design or otherwise approved by City (which approval
shall not be unreasonably withheld), all materials and equipment incorporated
into the Project shall be of superior quality and new, and all product
warranties and guaranties specifically called for by this Agreement shall
expressly run to the benefit of Developer; provided, however, that the
foregoing shall not preclude Developer from using as part of the Project
antiques or gaming equipment of comparable appearance that has been properly
reconditioned or refurbished.”

 

Section 2.6.   Section 5.19
of this Agreement is hereby amended by deleting the current language and
inserting the following language:

 

“City shall have authority to disapprove or reject Work which is
determined to be defective, and shall also have authority, with respect to those
improvements which are intended to become publicly owned, to require special
inspection or testing of the Work whether or not the Work is fabricated,
installed or completed. Nothing herein shall be deemed to modify or restrict
the normal rights or functions of any building inspector having jurisdiction
over the Project.”

 

Section 2.7.   Section 5.21(b) of
this Agreement is amended by deleting the existing language and inserting
therefor the following language:

 

“There shall be paid each laborer or mechanic of the Contractor,
Construction Manager or Subcontractor engaged in Work under this Agreement a
wage not less than the prevailing wages in the Lawrenceburg area according to
the prevailing wage schedule established by the State of Indiana and
existing on the date thirty (30) days prior to the date on which the contract
for such Work is released for bid (the “Wage Date”), regardless of any
contractual relationship which may be alleged to exist between the
Contractor, Construction manager or Subcontractor and such laborers or
mechanics; provided, however, all contracts bid prior to July 15, 1996,
are deemed approved as to wage rates contained in said bid packages, provided
the wage rates are paid by the contractors performing said work. If the
contract is not awarded within ninety (90) days of the Wage Date, new
prevailing wage rates shall be required and shall be such prevailing wage rates
in effect on a date not more than thirty (30) days before the date of award of
the contract.”

 

Section 2.8.   Section 5.27(a) of
this Agreement is amended by deleting the existing language in its entirety and
substituting therefor the following:

 

“Developer shall provide, or shall cause to be provided by the
Contractor or Subcontractors, Performance and Payment Bonds for not less than
fifty percent (50%) of the Work on the Project as measured by dollar amounts. Developer
shall have the right,

 

3

 

in its discretion, to determine which portions of the Work shall be the
subject of the Performance and Payment Bonds; provided, however, all of the
Work relating to the construction of the site for the Temporary Boat and all of
the Work for the new roadway from U.S. 50 to the site of the Permanent Boat
shall be fully covered by Performance and Payment Bonds. All Bonds shall be in
the forms prescribed by Applicable Laws and by City, and be executed by such
sureties as (i) are licensed to conduct business in the State, and (ii) are
named in the current list of “Company’s Holding Certificates of Authority as
Acceptable Sureties on Federal Bonds and as Acceptable Reinsuring Companies” as
published in Circular 570 (amended) by the Audit Staff Bureau of Government
Financial Operations, U.S. Treasury Department. All Bonds signed by an agent must
be accompanied by a certified copy of the power of attorney or other instrument
establishing the agents’ authority.”

 

Section 2.9.   Section 5.28
of this Agreement is amended to delete the existing language and to substitute
therefor the following language:

 

“(a) To the fullest extent permitted by law, Developer shall
indemnify and hold harmless City and its consultants, agents and employees from
and against all claims, damages, losses and expenses, direct, indirect or
consequential (including but not limited to fees and charges of engineers,
architects, attorneys and other professionals reasonable in amount and
reasonably incurred, and court and arbitration costs) (hereinafter “claims”)
arising out of or resulting from the performance of any of the Work or from the
construction or operation of the Project (including the operation of the
riverboat), regardless whether or not the claim arises by or is imposed by law
or regulation, but only to the extent such claim does not arise from the wilful
misconduct or gross negligence of City or another indemnified person.

 

(b) In any and all claims against City or any of its consultants,
agents or employees by any employee of Developer, Design Professional,
Contractor, Construction Manager, any Subcontractor, any person or organization
directly or indirectly employed by any of them to perform or furnish any
of the Work or anyone for whose acts any of them may be liable, any
indemnification obligation under this Agreement shall not be limited in any way
by any limitation on the amount or type of damages, compensation or benefits
payable by or for Developer, Design Professional, Contractor, Construction
Manager, or any Subcontractor or other person or organization under workers’ or
workman’s compensation acts, disability benefit acts or other employee benefit
acts.”

 

Section 2.10.   Section 10.01
of this Agreement is hereby amended by the addition of a new paragraph set
forth below which shall be inserted immediately following the last paragraph of
Section 10.01:

 

“Developer shall construct, at its sole cost
and expense, a new road from the U.S. Highway 50 Intersection near Scudder
Drive to Center Street substantially per plans attached as exhibit T-l and
incorporated herein by reference which plans are hereby approved by City. The
finalization of the plans for such road shall be subject to the approval of the
City which approval shall not be unreasonably withheld, conditioned or delayed.
Upon the closing referred to above Developer shall use its reasonable best

 

4

 

efforts to complete said road within 180 days from the date the Corps
of Engineers issues the permit to allow construction to begin at the site of
the Permanent Boat. Developer shall direct its suppliers to use said road to
transport materials and supplies for the construction of its Project as defined
in the Development Agreement. Unless otherwise requested by the City, Developer
shall further use said road to transport its patrons via shuttle to its
temporary site.”

 

Section 2.11.   Section 12.01
of the Agreement shall be, and hereby is, amended by the addition of the
following clause at the end of the existing Section 12.01, which new
clause shall be as follows:

 

“including any and all liability, loss, damage, claim or expense
arising out of that certain Appeal from the Proposed Passage of Ordinance
20-1995, Case No. 15C01-9601-CP-003, filed in the Dearborn Circuit Court
on January 17, 1996. Notwithstanding any of the foregoing the City shall
have the right to retain its own counsel but the fees and expenses of such
counsel shall be at the expense of the City.”

 

Section 2.12.   The
Agreement shall be, and it hereby is, amended by the addition of a new Section 10.09
thereto, which addition shall follow immediately after 10.08 of the Agreement,
and which new Section 10.09 shall be as follows:

 

Section 10.09. Performance of Certain
Municipal Functions. The City covenants and agrees:

 

(a) to cause the Clerk-Treasurer to attest, present to the Mayor
and then record (if applicable) after signature by the Mayor Ordinance Nos.
19A-1995 and 20-1995; and to cause the Mayor, in his capacity as City Executive
to execute Ordinance Nos. 19A-1995 and 20-1995 upon such presentation. With
regard to Ordinance Nos. 19A-1995 and 20-1995, the duties of the Clerk-
Treasurer and Mayor set forth above shall be performed no later than September 9,
1996.

 

(b) on or before September 9, 1996, to approve, for execution
and delivery to the Developer a lease for the site of the Permanent Boat, the terms
of which conform to the terms set forth in this Agreement and shall
further provide the conditions under which the obligations of the City shall
terminate if the Commission shall withdraw the Certificate of Suitability
awarded to Developer.”

 

Section 2.13.   Section 13.01
of the Agreement shall be, and hereby is, amended by renaming the section “Defaults” and inserting the letter “(a)”
prior to the word “City” in the first line of Section 13.01.

 

Section 2.14.   Section 13.01
of the Agreement shall be, and hereby is, amended by the addition of a new subsection (b) thereto,
which addition shall follow immediately after subsection (a) of Section 13.01
of the Agreement, and which new subsection (b) shall be as follows:

 

5

 

“(b) Developer may declare the City to be in default under
this Agreement and may terminate this Agreement if City fails or refuses
to perform any of its obligations under Section 10.09 of this
Agreement.”

 

Section 2.15.   Section 3.02(g) of
the Agreement shall be, and hereby is, amended to add the following additional
sentences following the existing sentence:

 

“Notwithstanding any other term or condition of this Agreement to the
contrary, the City may locate the water tower and electric substation
shown on Exhibit C of Exhibit S-5 at its discretion but if the City
does not locate the electric substation at the site indicated on Exhibit C
of Exhibit S-5, the City shall pay any incremental costs incurred by
Developer in extending electric services to the site of the Permanent Boat in
excess of those costs which would have been incurred in extending such services
from the location of the electric substation as shown on Exhibit C of Exhibit S-5.
Notwithstanding the provisions of Exhibit C of Exhibit S-5, the time
within which the water storage tank must be constructed and operational is
extended from March 1, 1997, to April 8, 1997.”

 

Section 2.16.   Article X
of the Agreement shall be, and hereby is, amended to add a new Section 10.10
as follows:

 

Section 10.10. City
Cooperation for Highway 50 Improvements. The City agrees, on a
timely basis, to relocate, or cause to be relocated, such utilities and related
facilities as required by the State of Indiana in connection with the
improvements to US Highway 50. The City shall pay all costs of such relocation
not in excess of $300,000.00. The Developer shall pay any reasonable costs of
such relocation for the City in excess of $300,000.00. The City also agrees to
convey to the State of Indiana a grant of right-of-way over the real estate
described in Supplement Exhibit S-6 attached hereto in connection with the
US Highway 50 improvements.

 

Section 2.17.   Article XIII
of the Agreement is amended to add a new Section 13.05 to read as follows:

 

“Section 13.05. Conditional Assignment of
Rights. Developer hereby assigns and sets over unto the City all
of Developer’s right, title, and interest in and to all present and future
contracts entered into with respect to the Work for the Project including all
bonds, guaranties, warranties and other forms of security for performance and
payment of the obligations of the parties performing such Work, as security for
the performance of the obligations of the Developer under this Agreement, upon
the sole condition that this Assignment shall not become effective and
enforceable until the Developer defaults on its obligations under this
Agreement and fails to cure such default within any applicable cure period
provided herein. Upon the foregoing Assignment becoming effective, the
Developer agrees to execute and deliver such instruments as may be
reasonably necessary or desirable to evidence the effectiveness of such
assignment and to take such other acts as may reasonably be necessary or
desirable to effectuate the intent of this provision.”

 

6

 

Section 2.18.   The
Agreement shall be, and it hereby is, amended by the addition of a new Section 3.09
thereto, which addition shall follow immediately after Section 3.08 of the
agreement and which new Section 3.09 shall be as follows:

 

“Section 3.09. Additional
Annual Fee Advance. The Developer shall pay to the City, within
twenty (20) days of the City’s written request, an amount, or amounts, not
exceeding a total of Five Hundred Thousand and 00/100 Dollars ($500,000.00) for
use by the City to pay for the costs of storm water drainage improvements or
other municipal improvements relating to the Project. The payment or payments
made to the City pursuant to this Section 3.09 shall reduce in an equal
sum the Annual Fee payable to the City in excess of the Minimum Annual Fee
until the full amount of such payment or payments has been recovered by
Developer.”

 

Section 2.19.   Exhibit S-5
of the Agreement shall be, and hereby is, amended to add the following
additional sentence at the end of paragraph I (Infrastructure Improvements by
City):

 

“Developer agrees to continue purchasing each such utility from the
city so long as the City provides each such utility with good service at rates
competitive to alternative sources of each such utility.”

 

Article III

 

City’s Option to Amend the
Agreement

 

Section 3.01.  The City and the Developer acknowledge that
the City may require accelerated payment from the Developer for certain
infrastructure improvements relating to Items 4 and 5 in Section 3.02(a) of
the Agreement. The Developer hereby grants to City an option to amend further
the Agreement as set forth below. The option shall be exercised, if at all, by
delivery of written notice from the City to the Developer stating that the
option is exercised. The option may be exercised by the City at any time
prior to issuance of the License to Developer. If the option has not been
exercised by the time the License is issued to Developer, the option shall
terminate.

 

Section 3.02.  If the foregoing option is exercised, the
Agreement shall be further amended as follows:

 

(A)                              Sections
3.02(b)(iii), (iv) and (v) of this Agreement shall be, and hereby
are, amended by deleting all references to the payment obligations of Developer
relating to Item 4 and Item 5 in those Sections of the Agreement. Sections
3.02(b)(iii), (iv) and (v) of this Agreement shall be, and hereby
are, amended by subtracting from the total amount stated as Developer’s payment
obligations, being $11,893,000, the amounts set forth therein related to Item 4
and Item 5, being $1,275,000 and $9,709,000, respectively.

 

(B)                                Section 3.02
of the Agreement shall be, and hereby is, amended by the addition of a new subsection (i) thereto,
which addition shall follow immediately after subsection (h) of Section 3.02
of the Agreement, and which new subsection (i) shall be as follows:

 

7

 

“(i)                               For purposes of Item 4
and Item 5 of Section 3.02(a), the Developer shall remit to the City,
within thirty (30) days of a written request from the City, an amount equal to
$10,984,000 constituting the remaining portion of the estimated cost of Item 4
and Item 5 provided that the City has a fully executed contract or contracts for
performance of the infrastructure improvements contemplated in Item 5 but in no
event prior to the extension of Developer’s Certificate by the Commission after
a full hearing on or after June 1, 1996.”

 

(C)                                Section 3.03(a) of
the Agreement shall be, and hereby is, amended by deleting existing subsections
(ii) and (iii) thereof and replacing them as follows:

 

(ii)                                  During the Second
Year immediately following the date of commencement of operations on the
Temporary Boat, an aggregate amount of $5,000,000 payable in twelve (12) equal
monthly installments concurrently with Developer’s payment of its Annual Fee in
such months;

 

(iii)                               During the Third Year
immediately following the date of commencement of operations on the Temporary
Boat, an aggregate amount of $2,000,000 payable in twelve (12) equal monthly
installments concurrently with Developer’s payment of its Annual fee in such
months; and

 

(iv)                              Promptly upon
commencement of operations on the Permanent Boat at the Permanent Site, the sum
of $4,500,000.

 

(D)                               Section 3.04(a) of
the Agreement is hereby amended by deleting existing subsection (a) thereof
and replacing same with the following:

 

(a) If
no Second Lawrenceburg Boat has commenced operations (i) the Annual Fee
for the entire period during operations on the Temporary Boat shall be the sum
of the amounts computed by multiplying the following ranges of Developers
Adjusted Gross Receipts for the Year (in millions of dollars) by the following
respective percentages, less $60,000.00:

 

	
  Adjusted Gross Receipts

  	
   

  	
  Percentage Paid to City

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  0 to 150

  	
   

  	
  5%

  	
   

  
	
  150 to 200

  	
   

  	
  6%

  	
   

  
	
  200 to 250

  	
   

  	
  9%

  	
   

  
	
  250 to 300

  	
   

  	
  12%

  	
   

  
	
  Over 300

  	
   

  	
  14%

  	
   

  

 

and
(ii) the Annual Fee for the entire period during operations on the
Permanent Boat shall be the sum of the amounts as computed above, but not less
than $6,000,000 per Year less $60,000.00.

 

8

 

Article IV

 

Miscellaneous

 

Section 4.01   Counterparts.
 This amendment may be executed in a
number of identical counterparts and, if so executed, each such counterpart is
deemed an original for all purposes, and all such counterparts shall
collectively constitute one agreement.

 

Section 4.02   Binding Effect.
 This amendment binds the parties hereto
and insures to the benefit of their respective heirs, personal representatives,
successors and assigns.

 

Section 4.03   Governing Law.
 This Amendment is entered into in the
State of Indiana, and shall be governed by and construed (and all of the rights
and obligations hereunder shall be determined) in accordance with the internal
laws of the State of Indiana, without reference to the choice of laws or
principles thereof.

 

Section 4.04   No Third-Party
Beneficiaries.  Nothing in
this Amendment shall be construed as creating any rights or entitlements that
inure to the benefit of any person or entity not a party to this Amendment
(except Guarantor).

 

9

 

IN
WITNESS WHEREOF, the parties have executed this Amendment as of the day and
year first above written.

 

	
   

  	
  “Developer”

  
	
   

  	
   

  
	
   

  	
  INDIANA GAMING COMPANY, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Indiana Gaming Company, its General

  Partner

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ J. Thomas Long

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
    President

  	
   

  
	
   

  	
   

  
	
   

  	
  “Guarantor”

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARGOSY GAMING COMPANY

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ J. Thomas Long

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   
  C.E.O.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  “City”

  
	
   

  	
   

  
	
   

  	
  CITY OF LAWRENCEBURG, INDIANA

  
	
   

  	
   

  
	
   

  	
  By:

  	
   
  /s/Melvin L. Gabbard

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Its:

  	
   
  Mayor

  	
   

  

 

10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00099-of-00352.parquet"}]]