Common use of 22A Clause in Contracts

22A. 11 The casino tax payable by the Company under this clause 22A will be reviewed by the State, if requested by the Company at any time prior to the expiry of 5 years after the opening of the Melbourne Casino on the grounds that the rates of tax substantially impede the Company from competing effectively in the international or interstate commission based gaming markets, and may following such review be varied by Act of Parliament at the discretion of the State.'; (y) with effect on 1 January 1996, the following clause shall be added as clause 22B— "22B. In addition to any fees or taxes payable by the Company under clauses 22 or 22A or otherwise, the Company agrees to pay to the State as additional tax in respect of each month during the period commencing 1 January 1996 and ending 31 December 1998 a guaranteed minimum base tax of $2 800 000 per month, each payment being due on the first day of each month, with the first payment being due on 1 January 1996."; and (z) the following clause shall be added as clause 22C— "22C. If the Company fails to make any payment required under clauses 22, 22A or 22B on the due date, without prejudice to any other right or remedy arising because of that failure, the Company must pay to the State interest (calculated daily) on the amount in default (including accrued interest) at the Default Rate for the period from the due date until payment is made (including all interest due under this clause)."