Paragraph No. 1 of the Lease is deleted and substituted in its stead is the following: "
Paragraph No. 1 of the initial Contract is hereby amended and replaced to read as follows:
Paragraph No. 10.
(a) Subject to this Paragraph No. 10, severance payments payable to you under the Letter Agreement shall begin only upon the date of your “separation from service” (determined as set forth below) which occurs on or after the termination of your service with PLCM. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to you under the Letter Agreement, as applicable:
(i) It is intended that each installment of the severance payments provided under the Letter Agreement shall be treated as a separate “payment” for purposes of Section 409A. Neither PLCM nor you shall have the right to accelerate or defer the delivery of any such severance payments except to the extent specifically permitted or required by Section 409A.
(ii) If, as of the date of your “separation from service” from PLCM, you are not a “specified employee” (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth in the Letter Agreement.
(iii) If, as of the date of your “separation from service” from PLCM, you are a “specified employee” (within the meaning of Section 409A), then:
(A) Each installment of the severance payments due under the Letter Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the Short-Term Deferral Period (as hereinafter defined) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A. For purposes of this Letter Agreement, the “Short-Term Deferral Period” means the period ending on the later of the 15th day of the third month following the end of your tax year in which the separation from service occurs and the 15th day of the third month following the end of PLCM’s tax year in which the separation from service occurs; and
(B) Each installment of the severance payments due under the Letter Agreement that is not described in Paragraph No. 10(a)(iii)(A) and that would, absent this subparagraph, be paid within the six-month period following your “separation from service” from PLCM shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a...
Paragraph No. 2 of Contract No. is hereby amended to identify the Guaranty as [Letter of Credit Number , dated with as Surety] [a Performance Bond, dated , with as Surety and as Principal] [a Cash Bond, dated dated as Surety and DOLLARS ($ ).
Paragraph No. 9 of the security agreement referred to in the Thalitone Loan Agreement and the security agreement referred to in the Proctocort Loan Agreement shall be amended by deleting the second sentence. These amendments shall be effectuated by such documentation as the Bank may reasonably require.
Paragraph No. 8 of the original contract is amended to read as follows: "From and after the approval of this amendment, and for the period of this contract, Xxxxxxxx shall pay the Authority as follows:
A. $27,500 per week, which payment shall be received by the Authority by 12:00 Noon each Friday.
B. Annual payment equal to 2% of the adjusted gaming receipts as defined in Iowa Code Section 99F.1(11), over $34,000,000 for each fiscal year, commencing July 1, 1994. Payments shall be made on the 15th day of July of each year. The first payment shall be due July 15, 1995.
C. Annual payment equal to $1.50 for each admission, either paid or complimentary, excepting any actual and necessary officials and employees of the Authority and Xxxxxxxx, and all other persons actually working on the excursion gambling boat as more particularly set forth under the rules of the Iowa Racing and Gaming Commission and Chapter 99F of the Iowa Code in excess of 1,117,579 based upon each contract year. A contract year shall be from April 1, through March 31, of the subsequent year. Payment shall be due on or before the 15th day of April of each year, the first payment to be made on or before April 15, 1995. It is understood that the Authority has been receiving payments weekly from Xxxxxxxx since April 1, 1994. Xxxxxxxx shall be given credit against the payment of $1.50 for all admissions in excess of 1,117,579 in an amount equal to that amount of money paid to the Authority in excess of $27,500 per week from and after April 1, 1994, up to and including March 31, 1995. From said sums, the Authority shall be responsible for all of its administrative costs, the annual DCI investigation of its board members as required, all legal expenses, salaries, and all related costs associated with the administration of the license. Xxxxxxxx covenants and agrees to pay the City of Xxxxxxxxx, all sums of money as required by the City of Xxxxxxxxx, and further to be responsible for the payment of all charges as required by the Iowa Racing and Gaming Commission. Xxxxxxxx agrees to hold the Authority harmless any charge required by the City of Xxxxxxxxx and/or any charges required by the Iowa Racing and Gaming Commission. Xxxxxxxx shall provide, at its expense, all necessary accounting and documentation to establish to the reasonable satisfaction of the Authority, the City of Xxxxxxxxx, and the Iowa Racing and Gaming Commission, the number of all admissions. Xxxxxxxx agrees to pay to the Authority and to account ...
Paragraph No. 5 of the original contract is hereby amended to read as follows:
A. This contract shall run from the date of execution until March 31, 1998; provided, however, that so long as Xxxxxxxx has substantially complied with the Iowa Racing and Gaming Rules, and the Authority's gaming license is renewed and/or in effect, the parties will negotiate thereafter for succeeding three year periods the extension of this agreement, the last of which shall terminate on the anniversary date of the license in the year to which Xxxxx County may extend its referendum and the Authority's license is so extended.
Paragraph No. 17 shall henceforth read:
Paragraph No. 3 of the Lease is hereby amended to provide that Tenant agrees to pay to Landlord, without demand, deduction, or setoff, at Omaha, Nebraska, or at such other place as Landlord from time to time may designate in writing, a fixed minimum annual base rent in the amount of One Million Two Hundred Eighty-eight Thousand Dollars ($1,288,000.00), which sum shall be payable by Tenant in equal consecutive monthly installments of One Hundred Seven Thousand Three Hundred Thirty-three and 33/100 Dollars ($107,333.33) each, in advance, on the first day of each month during the term of this Lease. Rent for any period of less than a calendar month shall be pro rated on a daily basis and shall be paid within ten (10) days after the end of the period for which it is due.
Paragraph No. 2 of the Settlement Agreement shall be deleted in its entirety, and shall be replaced by the following:
