LEASE INTENDED AS SECURITY
LEASE INTENDED AS SECURITY ("Lease") dated as of December 3, 1999, between BANC OF
AMERICA LEASING & CAPITAL, LLC, a Delaware limited liability company with its principal office at 2059
Northlake Parkway, Tucker, Georgia 30084 ("Lessor") and LAKES GAMING, INC., a Minnesota
corporation, with its principal office at 130 Cheshire Boulevard, Minnetonka, Minnesota 55305 ("Lessee").
Lessor agrees to acquire and lease and sell to Lessee and Lessee agrees to hire and purchase from Lessor
certain personal property (the "Aircraft") described in the Appendix (the "Appendix") attached hereto and made
a part hereof, on the terms and conditions set forth herein and in the Appendix.
Section 1. Procurement Delivery and Acceptance.
1.1 On a date to be agreed upon by Lessor and Lessee (the "Delivery Date"), Lessor will purchase from and
lease back to Lessee for an amount equal to the agreed upon value of the Aircraft, and Lessee will sell to and
lease back from Lessor the Aircraft.
1.2 The obligation of Lessor to make payments for the Aircraft is subject to the following conditions:
(a) Lessee shall have delivered to Lessor not earlier than the tenth
(10th) and not later than the first (1st) Business Day (as defined in Paragraph F of the Appendix) prior to the
proposed Delivery Date, an irrevocable notice (a "Delivery Date Notice") substantially in the form of Exhibit A,
specifying (i) the proposed Delivery Date, (ii) a description of the Aircraft to be purchased on such Delivery Date
and the location thereof, (iii) the aggregate Purchase Price of the Aircraft, and (iv) wire transfer instructions for
the disbursement of funds;
(b) Prior to the Completion Date, Lessor shall have received an Appraisal to its satisfaction opining:
(i) as to the appraised value of the Aircraft on the Delivery Date, on the Completion Date and at the end of the
applicable Base Term and all applicable Renewal Terms; and
(ii) that the average remaining economic use