Common use of Required Regulatory Redemption Clause in Contracts

Required Regulatory Redemption. The Notes shall be redeemable by the Issuers, in whole or in part, at any time upon not less than 20 Business Days nor more than 60 days notice (or such earlier date as may be required by any Gaming Authority) at 100% of the principal amount thereof plus accrued and unpaid interest thereon (or, if required by any Gaming Authority, the fair market value of such Notes, or such other amount as may be required by applicable law or order of such Gaming Authority) and Liquidated Damages (if permitted by relevant Gaming Authorities), if any, to the redemption date, pursuant to a Required Regulatory Redemption. Any Required Regulatory Redemption shall, except as specifically provided in this Section 3.8, be made in accordance with the applicable provisions of Sections 3.3, 3.4 and 3.5 unless other procedures are required by any Gaming Authority. In addition, where such redemption is required because the Holder or beneficial owner of Notes is required to be found suitable or to otherwise qualify under any gaming laws and is not found suitable or so qualified, the Issuers shall have the right to require any such Holder or beneficial owner to dispose of its Notes upon 30 days' notice (or such earlier date as may be required by the applicable Gaming Authority).

Appears in 3 contracts

Samples: Indenture (Majestic Star Casino LLC), Pledge and Security Agreement (Majestic Investor Capital Corp), Indenture (Majestic Investor Capital Corp)

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Required Regulatory Redemption. The Notes shall be redeemable by the Issuers, in whole or in part, at any time upon not less than 20 Business Days nor more than 60 days days' notice (or such earlier date as may be required by any Gaming Authority) at 100% of the principal amount thereof plus accrued and unpaid interest thereon (or, if required by any Gaming Authority, the fair market value of such Notes, or such other amount as may be required by applicable law or order of such Gaming Authority) and Liquidated Damages (if permitted by relevant Gaming Authorities), if any, to the redemption date, pursuant to a Required Regulatory Redemption. Any Required Regulatory Redemption shall, except as specifically provided in this Section 3.8, be made in accordance with the applicable provisions of Sections 3.3, 3.4 and 3.5 unless other procedures are required by any Gaming Authority. In addition, where such redemption is required because the Holder or beneficial owner of Notes is required to be found suitable or to otherwise qualify under any gaming laws Gaming Laws and is not found suitable or so qualified, the Issuers shall have the right to require any such Holder or beneficial owner to dispose of its Notes upon 30 days' notice (or such earlier date as may be required by the applicable Gaming Authority).

Appears in 1 contract

Samples: Majestic Star Casino LLC

Required Regulatory Redemption. The Notes shall be redeemable by subject to redemption at the Issuersoption of the Issuer, in whole or in part, at any time upon not less than 20 Business Days nor more than 60 days notice (or such earlier date as may be required by any Gaming Authority) at 100% of the principal amount thereof plus accrued and unpaid interest thereon (or, if such redemption is required by any Gaming Authority, the fair market value Fair Market Value of such Notes, or such other amount as may be required by applicable law or order of such Gaming Authority) and Liquidated Damages (if permitted by relevant Gaming Authorities), if any, to the redemption date, pursuant to a Required Regulatory Redemption. Any Required Regulatory Redemption shall, except as specifically provided in this Section 3.8, be made in accordance with the applicable provisions of Sections 3.3, 3.4 and 3.5 unless other procedures are required by any Gaming Authority. In addition, where such redemption is required because the Holder or beneficial owner of Notes is required to be found suitable or to otherwise qualify under any gaming laws Gaming Laws and is not found suitable or so qualified, the Issuers Issuer shall have the right to require any such Holder or beneficial owner to dispose of its Notes upon 30 days' notice (or such earlier date as may be required by the applicable Gaming Authority).

Appears in 1 contract

Samples: Indenture (Majestic Holdco, LLC)

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Required Regulatory Redemption. The Notes shall be redeemable by the Issuers, in whole or in part, at any time upon not less than 20 Business Days nor more than 60 days notice (or such earlier date as may be required by any Gaming Authority) at 100% of the principal amount thereof plus accrued and unpaid interest thereon (or, if required by any Gaming Authority, the fair market value of such Notes, or such other amount as may be required by applicable law or order of such Gaming Authority) and Liquidated Damages (if permitted by relevant Gaming Authorities), if any, to the redemption date, pursuant to a Required Regulatory Redemption. Any Required Regulatory Redemption shall, except as specifically provided in this Section 3.8, be made in accordance with the applicable provisions of Sections 3.3, 3.4 and 3.5 unless other procedures are required by any Gaming Authority. In addition, where such redemption is required because the Holder or beneficial owner of Notes is required to be found suitable or to otherwise qualify under any gaming laws Gaming Laws and is not found suitable or so qualified, the Issuers shall have the right to require any such Holder or beneficial owner to dispose of its Notes upon 30 days' notice (or such earlier date as may be required by the applicable Gaming Authority).

Appears in 1 contract

Samples: Majestic Star Casino LLC

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