Letter Agreement Extending Forbearance Date Between Harrah's Entities and JCC Holding Company

Summary

Harrah's Entertainment, Inc., Harrah's Operating Company, Inc., and Harrah's New Orleans Management Company agree to extend the forbearance date under a prior Limited Forbearance Agreement with JCC Holding Company. The extension moves the deadline from August 1, 2000, to August 15, 2000, allowing more time for discussions to resolve JCC's financial issues. The letter confirms Harrah's willingness to continue negotiations with JCC and its creditors to find a permanent solution.

EX-10.56 9 ex10-56.txt LETTER FROM HARRAH TO HARRAH OPERATING CO 1 EXHIBIT 10.56 [HARRAH'S LETTERHEAD] July 24, 2000 Mr. Frederick W. Burford JCC Holding Company One Canal Place 365 Canal Street Suite 900 New Orleans, LA 70130 Re: FORBEARANCE Dear Fred: We are in receipt of your letter of July 18. We understand the difficulty of your position and the financial problems facing JCC and the property. As a result, we remain willing and interested in continuing to engage in discussions with JCC and all of JCC's lenders and creditors with a view to arriving at a permanent solution to JCC's financial problems. To that end, we plan to discuss with our Board of Directors, at a regularly scheduled meeting this week, the subject of the New Orleans project. We expect to be in a position after the Board meeting to respond to your letter. Under these circumstances we (Harrah's Entertainment, Inc., Harrah's Operating Company, Inc. and Harrah's New Orleans Management Company) agree to extend the forbearance date under the Limited Forbearance Agreement from August 1, 2000 to August 15, 2000. Very truly yours, /s/ CHARLES L. ATWOOD Charles L. Atwood CA:sr cc: Steve Brammell Colin Reed