THEREOF THAT
HAS CAUSED OR WOULD REASONABLY BE EXPECTED TO CAUSE THE LOSS OF ANY SUCH GAMING
LICENSE;
(V)
BORROWER HAS NOT RECEIVED ANY NOTICE OF ANY VIOLATION OF
APPLICABLE LAWS WHICH HAS CAUSED OR WOULD REASONABLY BE EXPECTED TO CAUSE ANY
SUCH GAMING LICENSE TO BE MODIFIED, RESCINDED OR REVOKED;
(VI)
NO CONDITION EXISTS OR EVENT HAS OCCURRED WHICH WOULD REASONABLY
BE EXPECTED TO RESULT IN THE SUSPENSION, REVOCATION, IMPAIRMENT, FORFEITURE OR
NON-RENEWAL OF ANY SUCH GAMING LICENSE; AND
(VII)
THE CONTINUATION, VALIDITY AND EFFECTIVENESS OF ALL SUCH GAMING
LICENSES WILL BE NOT ADVERSELY AFFECTED BY THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT.
(D)
THERE IS NO PROCEEDING, INVESTIGATION, OR DISCIPLINARY ACTION
(INCLUDING, WITHOUT LIMITATION BEFORE ANY GAMING AUTHORITY, UNDER ANY GAMING LAW
OR UNDER ANY GAMING LICENSE OR OTHER OPERATING PERMIT) PENDING OR, TO BORROWER'S
KNOWLEDGE, THREATENED AGAINST ANY OF BORROWERS OR THEIR RESPECTIVE DIRECTORS,
MEMBERS, MANAGERS, OFFICERS, KEY PERSONNEL OR PERSONS HOLDING A FIVE PERCENT
(5%) OR GREATER DIRECT OR INDIRECT EQUITY OR ECONOMIC INTEREST IN BORROWER.
(E)
THERE IS NO PROCEEDING (INCLUDING, WITHOUT LIMITATION, BEFORE ANY
GAMING AUTHORITY, UNDER ANY GAMING LAW OR UNDER ANY GAMING LICENSE OR OTHER
OPERATING PERMIT)
105
PENDING OR, TO BORROWER'S KNOWLEDGE, THREATENED EITHER (A) IN CONNECTION WITH,
OR THAT SEEKS TO RESTRAIN, ENJOIN, PREVENT THE CONSUMMATION OF OR OTHERWISE
CHALLENGE, ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED
THEREIN, OR (B) THAT, EITHER SINGLY OR IN THE AGGREGATE, COULD REASONABLY BE
EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT.
(F)
NEITHER THE EXECUTION, DELIVERY OR PERFORMANCE OF ANY OF THE LOAN
DOCUMENTS WILL ALLOW OR RESULT IN THE IMPOSITION OF ANY MATERIAL PENALTY UNDER,
OR THE REVOCATION OR TERMINATION OF, ANY GAMING LICENSE OR ANY MATERIAL
IMPAIRMENT OF THE RIGHTS OF THE HOLDER OF ANY GAMING LICENSE.
4.1.22.
FLOOD ZONE.
NONE OF THE IMPROVEMENTS ON THE PROPERTY ARE LOCATED IN
AN AREA AS IDENTIFIED BY THE FEDERAL EMERGENCY MANAGEMENT AGENCY AS AN AREA
HAVING SPECIAL FLOOD HAZARDS OR, IF SO LOCATED, THE FLOOD INSURANCE REQUIRED
PURSUANT TO SECTION 6.1(A)(I) IS IN FULL FORCE AND EFFECT WITH RESPECT TO THE
PROPERTY.
4.1.23.
PHYSICAL CONDITION.
THE PROPERTY, INCLUDING, WITHOUT LIMITATION,
ALL BUILDINGS, IMPROVEMENTS, PARKING FACILITIES, SIDEWALKS, STORM DRAINAGE
SYSTEMS, ROOFS, PLUMBING SYSTEMS, HVAC SYSTEMS, FIRE PROTECTION SYSTEMS,
ELECTRICAL SYSTEMS, EQUIPMENT, ELEVATORS, EXTERIOR SIDINGS AND DOORS,
LANDSCAPING, IRRIGATION SYSTEMS AND ALL STRUCTURAL COMPONENTS, ARE IN GOOD
CONDITION, ORDER AND REPAIR IN ALL MATERIAL RESPECTS; THERE EXISTS NO STRUCTURAL
OR OTHER MATERIAL DEFECTS OR DAMAGES IN THE PROPERTY, WHETHER LATENT OR
OTHERWISE, AND BORROWER HAS NOT RECEIVED NOTICE FROM ANY INSURANCE COMPANY OR
BONDING COMPANY OF ANY DEFECTS OR INADEQUACIES IN THE PROPERTY, OR ANY PART
THEREOF, WHICH WOULD ADVERSELY AFFECT THE INSURABILITY OF THE SAME OR CAUSE THE
IMPOSITION OF EXTRAORDINARY PREMIUMS OR CHARGES THEREON OR OF ANY TERMINATION OR
THREATENED TERMINATION OF ANY POLICY OF INSURANCE OR BOND.
4.1.24.
BOUNDARIES.
ALL OF THE IMPROVEMENTS WHICH WERE INCLUDED IN
DETERMINING THE APPRAISED VALUE OF THE PROPERTY LIE WHOLLY WITHIN THE BOUNDARIES