Common use of Minimum Guaranteed Monthly Payment Clause in Contracts

Minimum Guaranteed Monthly Payment. 5.6.1. The Enterprise shall, subject to the provisions of Sections 5.6.2 through 5.6.5, pay the Band $1,000,000 per month (the "Minimum Guaranteed Monthly Payment"), beginning on the Commencement Date and continuing for the remainder of the Term. The Minimum Guaranteed Monthly Payment shall be payable to the Band in arrears on the twenty first (21st) day of each calendar month following the month in which the Commencement Date occurs, which payment shall have priority over the Management Fee. If the Commencement Date is a date other than the first day of a calendar month, the first payment will be prorated from the Commencement Date to the end of the month. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any other partial months. 5.6.2. Minimum Guaranteed Monthly Payments shall be deducted from any Monthly Distribution Payments to be received by the Band under Section 5.5 above in any given month; provided, however, that if the Net Revenues in a given month are less than $1,000,000, Manager shall pay the funds necessary to compensate for the deficiency from its own funds (the "Minimum Guaranteed Payment Advances"); and provided further that the Minimum Guaranteed Monthly Payments shall be reduced to $10,000 per month for the remaining months during each Calculation Year after the Band has received in such Calculation Year total Net Revenue distributions of $12,000,000. Pursuant to Section 5.5.4, Manager shall be entitled to recoup from the Band's Monthly Distribution Payment in succeeding months of a Calculation Year any Minimum Guaranteed Payment Advances made under this paragraph in that same Calculation Year, but in no event shall this recoupment payment result in the Band's receiving less than its Minimum Guaranteed Monthly Payment in any month. Manager shall not otherwise be entitled to reimbursement from the Enterprise or the Band for Minimum Guaranteed Payment Advances and shall not be entitled to charge any interest on any Minimum Guaranteed Payment Advances made hereunder. Minimum Guaranteed Monthly Payments shall have priority over retirement of development and construction costs. Minimum Guaranteed Payment Advances shall not have such priority, shall not accrue interest, and shall be evidenced by the Minimum Payments Note. The Minimum Payments Note shall be secured by Great Lakes' security interest in the Dominion Account, but such security interest shall not alter its priority of payment under Section 5.5 or the limitations on recoupment imposed under this Section 5.6.2. 5.6.3. The obligation to make Minimum Guaranteed Monthly Payments shall cease upon termination of this Agreement, unless the Agreement is terminated by the Band for a Material Breach by the Manager. 5.6.4. The Minimum Guaranteed Monthly Payment shall be reduced prospectively from $1,000,000 to $500,000 upon the opening, if any, of a casino in Indiana owned by the Band, on the same cumulative basis as provided in Section 5.6.2. 5.6.5. Except as provided in this Section 5.6 with regard to cumulation of payments in any Calculation Year or otherwise specifically provided in this Agreement, Manager's obligation to pay the Band the Minimum Guaranteed Monthly Payment is unconditional and shall not be affected by the actual level of funds generated by the Enterprise. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any partial months.

Minimum Guaranteed Monthly Payment. 5.6.1. The Enterprise shall, subject to the provisions of Sections 5.6.2 through 5.6.5, Manager shall pay the Band Tribe ONE HUNDRED THOUSAND DOLLARS ($1,000,000 100,000) per month (the "Minimum Guaranteed Monthly Payment"), beginning on the Commencement Date and continuing for the remainder of the Term. The Minimum Guaranteed Monthly Payment shall be payable to the Band Tribe in arrears on the twenty first (21st) day of each calendar month following the month in which the Commencement Date occurs, which payment shall have priority over the Management FeeFee and retirement of development and construction costs. If the Commencement Date is a date other than the first day of a calendar month, the first payment will be prorated from the Commencement Date to the end of the month. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at charged against the Facility for any other partial months. 5.6.2. Minimum Guaranteed Monthly Payments shall be deducted from any Authority's Monthly Distribution Payments to be received by the Band under Section 5.5 above in any given month; Payment for each month provided, however, that if where the Net Revenues in a given month are less than ONE HUNDRED THOUSAND DOLLARS ($1,000,000100,000.00), Manager shall pay the funds necessary to compensate for the deficiency from its own funds (on a non-cumulative and non-recoverable basis. If during a given month gaming does not occur for a portion of the "Minimum Guaranteed Payment Advances"); and provided further that month, the Minimum Guaranteed Monthly Payments Payment shall be reduced pro rata, in proportion to $10,000 per the portion of the month for the remaining months during each Calculation Year after the Band has received in such Calculation Year total Net Revenue distributions of $12,000,000which gaming does not occur. Pursuant to Section 5.5.4If no gaming takes place in a given month, Manager shall be entitled to recoup from the Band's Monthly Distribution Payment in succeeding months of a Calculation Year any Minimum Guaranteed Payment Advances made under this paragraph in that same Calculation Year, but in no event shall this recoupment payment result in the Band's receiving less than its Minimum Guaranteed Monthly Payment in any month. Manager shall not otherwise be entitled to reimbursement from the Enterprise or the Band for Minimum Guaranteed Payment Advances and shall not be entitled to charge any interest on any Minimum Guaranteed Payment Advances made hereunder. Minimum Guaranteed Monthly Payments shall have priority over retirement of development and construction costs. Minimum Guaranteed Payment Advances shall not have such priority, shall not accrue interest, and shall be evidenced by the Minimum Payments Note. The Minimum Payments Note shall be secured by Great Lakes' security interest in the Dominion Account, but such security interest shall not alter its priority of payment under Section 5.5 or the limitations on recoupment imposed under this Section 5.6.2. 5.6.3made during that month. The obligation to make Minimum Guaranteed Monthly Payments shall cease upon termination of this Agreement, unless the Agreement is terminated by the Band for a Material Breach by the Manager. 5.6.4. The Minimum Guaranteed Monthly Payment shall be reduced prospectively from $1,000,000 to $500,000 upon the opening, if any, of a casino in Indiana owned by the Band, on the same cumulative basis as provided in Section 5.6.2. 5.6.5. Except as provided in the preceding sentence of this Section 5.6 with regard to cumulation of payments in any Calculation Year or otherwise specifically provided in this Agreement5.5, Manager's obligation to pay the Band Tribe the Minimum Guaranteed Monthly Payment is unconditional unconditional, and shall not be affected by the actual level of funds generated by the Enterprise. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any partial months.

Minimum Guaranteed Monthly Payment. 5.6.1. The Enterprise shall, subject to the provisions of Sections 5.6.2 through 5.6.5ss.5.6.1, pay the Band $1,000,000 per month (the "Minimum Guaranteed Monthly Payment"), beginning on the Commencement Date and continuing for the remainder of the Term. The Minimum Guaranteed Monthly Payment shall be payable to the Band in arrears on the twenty first (21st) day of each calendar month following the month in which the Commencement Date occurs, which payment shall have priority over the Management Fee. If the Commencement Date is a date other than the first day of a calendar month, the first payment will be prorated from the Commencement Date to the end of the month. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any other partial months. 5.6.2. 5.6.1 Minimum Guaranteed Monthly Payments shall be deducted from any Monthly Distribution Payments to be received by charged against the Band under Section 5.5 above in any given Band's distribution of Net Revenues for each month; provided, however, that if the Net Revenues in a given month are less than $1,000,000, Manager shall pay the funds necessary to compensate for the deficiency from its own funds (the "Minimum Guaranteed Payment Advances")funds; and provided further that the Minimum Guaranteed Monthly Payments shall be reduced to $10,000 per month for the remaining months during each Calculation in a Fiscal Year after the Band has received in such Calculation Fiscal Year total Net Revenue distributions of $12,000,000. Pursuant to Section 5.5.4, Manager shall be entitled to recoup from the Band's Monthly Distribution Payment in succeeding months of a Calculation Fiscal Year any Minimum Guaranteed Payment Advances deficiency payments made under this paragraph in that same Calculation Fiscal Year, but in no event shall this recoupment payment result in the Band's receiving less than its Minimum Guaranteed Monthly Payment in any month. Manager shall not otherwise be entitled to reimbursement from the Enterprise or the Band for payments it makes from its own funds on account of Minimum Guaranteed Payment Advances Monthly Payments, and shall not be entitled to charge any interest on any Minimum Guaranteed Payment Advances deficiency payments made hereunder. Minimum Guaranteed Monthly Payments shall have priority over retirement of development and construction costs. Minimum Guaranteed Payment Advances shall not have such priority, shall not accrue interest, and shall be evidenced by the Minimum Payments Note. The Minimum Payments Note shall be secured by Great Lakes' security interest in the Dominion Account, but such security interest shall not alter its priority of payment under Section 5.5 or the limitations on recoupment imposed under this Section 5.6.2. 5.6.3. 5.6.2 The obligation to make Minimum Guaranteed Monthly Payments shall cease upon termination of this Agreement, unless the Agreement is terminated by the Band for a Material Breach by the Manager. 5.6.4. 5.6.3 The Minimum Guaranteed Monthly Payment shall be reduced prospectively from $1,000,000 to $500,000 upon the opening, if any, of a casino in Indiana owned by the Band, on the same cumulative basis as provided in Section 5.6.2ss. 5.6.1. 5.6.5. 5.6.4 Except as provided in this Section ss. 5.6 with regard to cumulation of payments in any Calculation Fiscal Year or otherwise specifically provided in this Agreement, Manager's obligation to pay the Band the Minimum Guaranteed Monthly Payment is unconditional and shall not be affected by the actual level of funds generated by the Enterprise. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any partial months.

Minimum Guaranteed Monthly Payment. 5.6.1. The Enterprise shall, subject to the provisions of Sections 5.6.2 through 5.6.5ss. 5.6.1, pay the Band $1,000,000 per month (the "Minimum Guaranteed Monthly Payment"), beginning on the Commencement Date and continuing for the remainder of the Term. The Minimum Guaranteed Monthly Payment shall be payable to the Band in arrears on the twenty first (21st) day of each calendar month following the month in which the Commencement Date occurs, which payment shall have priority over the Management Fee. If the Commencement Date is a date other than the first day of a calendar month, the first payment will be prorated from the Commencement Date to the end of the month. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any other partial months. 5.6.2. 5.6.1 Minimum Guaranteed Monthly Payments shall be deducted from any Monthly Distribution Payments to be received by charged against the Band under Section 5.5 above in any given Band's distribution of Net Revenues for each month; provided, however, that if the Net Revenues in a given month are less than $1,000,000, Manager shall pay the funds necessary to compensate for the deficiency from its own funds (the "Minimum Guaranteed Payment Advances")funds; and provided further that Manager's obligation to make such payment shall be reduced to the extent that the Band has received or receives distributions from Net Revenues during that Fiscal Year, on a cumulative basis, exceeding the Minimum Guaranteed Monthly Payments shall be reduced to $10,000 per month for required under this section. For example, if (a) the remaining months during each Calculation Fiscal Year after commences on October 1 and (b) the Band has received receives distributions in such Calculation Year total Net Revenue October, November and December totaling $5 million, receives no distributions of in January, February and March, and receives $12,000,000. Pursuant 1.5 million in April; then Manager would not be required to Section 5.5.4, Manager shall make payments from its own funds in January and February; would be entitled required to pay the Band $1 million in March; and would be permitted to recoup from $500,000 of that payment out of the Band's Monthly Distribution Payment payment that the Band would otherwise receive in succeeding months of a Calculation Year any Minimum Guaranteed Payment Advances made under this paragraph in that same Calculation Year, but in no event shall this recoupment payment result in the Band's receiving less than its Minimum Guaranteed Monthly Payment in any monthApril. Manager shall not otherwise be entitled to reimbursement from the Enterprise or the Band for Minimum Guaranteed Payment Advances and shall not be entitled to charge any interest payments it makes from its own funds on any Minimum Guaranteed Payment Advances made hereunder. account of Minimum Guaranteed Monthly Payments shall have priority over retirement of development and construction costs. Minimum Guaranteed Payment Advances shall not have such priority, shall not accrue interest, and shall be evidenced by the Minimum Payments Note. The Minimum Payments Note shall be secured by Great Lakes' security interest in the Dominion Account, but such security interest shall not alter its priority of payment under Section 5.5 or the limitations on recoupment imposed under this Section 5.6.2Payments. 5.6.3. 5.6.2 The obligation to make Minimum Guaranteed Monthly Payments shall cease upon termination of this Agreement, unless the Agreement is terminated by the Band for a Material Breach by the Manager. 5.6.4. 5.6.3 The Minimum Guaranteed Monthly Payment shall be reduced prospectively from $1,000,000 to $500,000 upon the opening, if any, of a casino in Indiana owned by the Band, on the same cumulative basis as provided in Section 5.6.2ss. 5.6.1. 5.6.5. 5.6.4 Except as provided in this Section ss. 5.6 with regard to cumulation of payments in any Calculation Fiscal Year or otherwise specifically provided in this Agreement, Manager's obligation to pay the Band the Minimum Guaranteed Monthly Payment is unconditional and shall not be affected by the actual level of funds generated by the Enterprise. Minimum Guaranteed Monthly Payments shall also be prorated if gaming is conducted at the Facility for any partial months.