Gaming Collateral definition
Examples of Gaming Collateral in a sentence
For the avoidance of doubt, upon the approval by the applicable Gaming Authorities, Agent’s Liens on the applicable Gaming Collateral shall be validly created, perfected and first priority Liens, subject only to Permitted Liens which by operation of law or contract would have priority over the Liens securing the Obligations.
Each Grantor acknowledges that the approval of the Gaming Authority and each other appropriate Governmental Authority to the assignment of the Gaming Collateral is integral to the Collateral Agent’s realization of the value of the Collateral, that there is no adequate remedy at law for failure by any Grantor to comply with the provisions of Section 18 and that such failure could not be adequately compensable in damages.
To enforce the provisions of Section 10, the Collateral Agent is authorized to request the consent or approval of the Gaming Authority or any other Governmental Authority to a voluntary or an involuntary transfer of control of Grantor or the voluntary or involuntary assignment of any Gaming Collateral held by Grantor.
Grantor acknowledges that the approval of the Gaming Authority and each other appropriate Governmental Authority to the assignment of the Gaming Collateral is integral to the Collateral Agent’s realization of the value of the Collateral, that there is no adequate remedy at law for failure by Grantor to comply with the provisions of Section 18 and that such failure could not be adequately compensable in damages.
This Hyatt Gaming Collateral Assignment may be executed in any number of counterparts, each of which shall be deemed an original and all of which counterparts together shall constitute one agreement with the same effect as if the parties hereto had signed the same signature page.
A copy of any notice provided pursuant to this Hyatt Gaming Collateral Assignment shall be provided to Hyatt Gaming Management, Inc.
Either party may deliver an executed signature page to this Hyatt Gaming Collateral Assignment by facsimile transmission to the other party, which facsimile copy shall be deemed to be an original executed signature page; provided, however, that such party shall deliver an original signature page to the other party promptly thereafter.
Gaming Collateral shall be released from the Lien and security interest created by the Hyatt Gaming Collateral Documents pursuant to the provisions of the Hyatt Gaming Collateral Documents unless there shall have been delivered to the Lender the certificate required by this Section 7.19.
At any time after the occurrence and during the continuance of an Event of Default, the Grantor shall take all lawful action that the Collateral Agent may reasonably request in the exercise of its rights and remedies, which include the right to require the Grantor to transfer or assign any Gaming Collateral held by it to any party or parties to facilitate an arms’ length public or private sale for the benefit of the Collateral Agent.
In addition to the rights and remedies of Lender as set forth in this Hyatt Gaming Collateral Assignment, Lender shall be entitled to the benefit of all other rights and remedies set forth in the Subordinated Loan Agreement and the other Transaction Document, at law or in equity.