Casino. Trustor acknowledges that part of the Trust Property consists of a casino and gaming property (the "Casino") which is subject to Gaming Laws and the jurisdiction of the Gaming Authorities and that, under the applicable Gaming Laws, the operation of the Casino by a person other than a person properly licensed by the Gaming Authorities to operate a casino and gaming business (a "Licensee") is prohibited and may result in the closing of the Casino, the loss of customers, employees, revenues and good will, and the severe diminution in the value of the Trust Property, all to the economic jeopardy and extreme detriment of Beneficiary. In order to mitigate such adverse consequences, Trustor agrees that, if an Event of Default has occurred, either before or after seeking an appointment of a receiver, in addition to any other right or remedy available to Beneficiary hereunder or under applicable law (but subject to any applicable requirements of the applicable Gaming Laws), (a) Beneficiary shall have the right (but not the obligation) to solicit any Licensee or other person with the capacity to become a Licensee to purchase, lease and/or operate the Casino as a receiver of the Trust Property, as a supervisor of the Casino, as a purchaser of the Trust Property or Casino at any foreclosure sale, or in any other appropriate capacity permitted under the applicable Gaming Laws; (b) any such Licensee or other person and Beneficiary may, to the extent permitted under the applicable Gaming Laws, apply to and appear before the Gaming Authorities and any other appropriate authority for a license or a finding of suitability to permit such Licensee or other person to operate the Casino; and (c) Trustor shall cooperate fully with any action taken by Beneficiary and any such Licensee or other person pursuant to this Section 4.8.
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Samples: Windsor Woodmont Black Hawk Resort Corp, Riviera Holdings Corp, Windsor Woodmont Black Hawk Resort Corp
Casino. Each Trustor acknowledges that part of the Trust Property ------ consists of a casino and gaming property (the "Casino") which is subject to Gaming Laws and the jurisdiction of the Gaming Authorities and that, under the applicable Gaming Laws, the operation of the Casino by a person other than a person properly licensed by the Gaming Authorities to operate a casino and gaming business (a "Licensee") is prohibited and may result in the closing of the Casino, the loss of customers, employees, revenues and good will, and the severe diminution in the value of the Trust Property, all to the economic jeopardy and extreme detriment of Beneficiary. In order to mitigate such adverse consequences, each Trustor agrees that, if an Event of Default has occurredis continuing, either before or after seeking an appointment of a receiver, in addition to any other right or remedy available to Beneficiary hereunder or under applicable law (but subject to any applicable requirements of the applicable Gaming Laws), (a) Beneficiary shall have the right (but not the obligation) to solicit any Licensee or other person with the capacity to become a Licensee to purchase, lease and/or operate the Casino as a receiver of the Trust Property, as a supervisor of the Casino, as a purchaser of the Trust Property or Casino at any foreclosure sale, or in any other appropriate capacity permitted under the applicable Gaming Laws; (b) any such Licensee or other person and Beneficiary may, to the extent permitted under the applicable Gaming Laws, apply to and appear before the Gaming Authorities and any other appropriate authority for a license or a finding of suitability to permit such Licensee or other person to operate the Casino; and (c) each Trustor shall cooperate fully with any action taken by Beneficiary and any such Licensee or other person pursuant to this Section 4.8.. -----------
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