SUBORDINATED TO ANY MPI ROUTE 2 CONDEMNATION EASEMENTS
WHICH WERE SUBJECT TO SUCH MPI ROUTE 2 CONDEMNATION; IN EACH CASE PURSUANT TO
SUCH DOCUMENTATION AND SUBJECT TO SUCH CONDITIONS AS ARE ACCEPTABLE TO AGENT
BANK, IN ITS DISCRETION.
SECTION 5.07.
REPAIR OF PROPERTIES AND ASSETS.
AT
ALL TIMES THROUGHOUT THE TERM OF THE CREDIT FACILITY, BORROWERS SHALL, AT THEIR
OWN COST AND EXPENSE, (A) MAINTAIN, PRESERVE AND KEEP IN A MANNER CONSISTENT
WITH HOTEL AND GAMING CASINO OPERATING PRACTICES, AS THE CASE MAY BE, APPLICABLE
TO HOTEL/CASINO OPERATIONS OPERATING IN THE JURISDICTIONS IN WHICH SUCH
PROPERTIES ARE LOCATED, ITS ASSETS AND PROPERTIES, INCLUDING, BUT NOT LIMITED
TO, THE COLLATERAL PROPERTIES AND ALL FF&E OWNED OR LEASED BY BORROWERS IN GOOD
AND SUBSTANTIAL REPAIR, WORKING ORDER AND CONDITION, ORDINARY WEAR AND TEAR
EXCEPTED, (B) FROM TIME TO TIME, MAKE OR CAUSE TO BE MADE, ALL NECESSARY AND
PROPER REPAIRS, REPLACEMENTS, RENEWALS, IMPROVEMENTS AND BETTERMENTS THERETO,
AND (C) FROM TIME TO TIME, MAKE SUCH SUBSTITUTIONS, ADDITIONS, MODIFICATIONS AND
IMPROVEMENTS AS MAY BE NECESSARY AND AS SHALL NOT IMPAIR THE STRUCTURAL
INTEGRITY, OPERATING EFFICIENCY AND ECONOMIC VALUE OF SAID ASSETS AND
PROPERTIES.
ALL ALTERATIONS, REPLACEMENTS, RENEWALS, OR ADDITIONS MADE PURSUANT
TO THIS SECTION 5.07 SHALL BECOME AND CONSTITUTE A PART OF SAID ASSETS AND
PROPERTY AND SUBJECT, INTER ALIA, TO THE PROVISIONS OF SECTION 5.01 AND SUBJECT
TO THE LIEN OF THE LOAN DOCUMENTS.
SECTION 5.08.
FINANCIAL STATEMENTS; REPORTS;
CERTIFICATES AND BOOKS AND RECORDS.
UNTIL CREDIT FACILITY TERMINATION,
BORROWERS SHALL, UNLESS THE AGENT BANK (WITH THE WRITTEN APPROVAL OF THE
REQUISITE LENDERS) OTHERWISE CONSENTS, AT BORROWERS' SOLE EXPENSE, DELIVER TO
THE AGENT BANK AND EACH OF THE LENDERS A FULL AND COMPLETE
83
COPY OF EACH OF THE FOLLOWING AND SHALL COMPLY WITH EACH OF THE FOLLOWING
FINANCIAL REQUIREMENTS:
A.
MONTHLY AND QUARTERLY FINANCIAL
REPORTING.
(I)
AS SOON AS PRACTICABLE, AND IN ANY EVENT
WITHIN TWENTY (20) DAYS AFTER THE END OF EACH CALENDAR MONTH (INCLUDING THE LAST
CALENDAR MONTH OF EACH FISCAL YEAR), THE CONSOLIDATED AND CONSOLIDATING BALANCE
SHEET, INCOME STATEMENT, STATEMENT OF CASH FLOWS, STATEMENT OF RETAINED EARNINGS
AND OPERATING STATEMENT FOR THE CALENDAR MONTH UNDER REVIEW AND REFLECTING
YEAR-TO-DATE PERFORMANCE OF THE BORROWER CONSOLIDATION AND A COMPARISON OF THE
FINANCIAL PERFORMANCE OF THE BORROWER CONSOLIDATION TO THE PRIOR FISCAL YEAR'S
OPERATIONS AND PROJECTED RESULTS FROM OPERATIONS AT THE HOTEL/CASINO FACILITIES
(IN EACH CASE RECONCILED WITH YEAR END AUDITED STATEMENTS AND COMPARED TO BUDGET
AND PRIOR YEAR PERIOD) OF THE BORROWER CONSOLIDATION ALL IN REASONABLE DETAIL.
SUCH FINANCIAL STATEMENTS SHALL BE CERTIFIED BY AN AUTHORIZED OFFICER OF THE
BORROWER CONSOLIDATION AS FAIRLY PRESENTING THE FINANCIAL CONDITION, RESULTS OF
OPERATIONS AND CASH FLOWS OF THE BORROWER CONSOLIDATION IN ACCORDANCE WITH GAAP
(OTHER THAN FOOTNOTE DISCLOSURES) AS AT SUCH DATE AND FOR SUCH PERIODS, SUBJECT
ONLY TO NORMAL YEAR-END ACCRUALS AND AUDIT ADJUSTMENTS;
(II)
AS SOON AS PRACTICABLE, AND IN ANY EVENT
WITHIN FORTY-FIVE (45) DAYS AFTER THE END OF EACH FISCAL QUARTER (INCLUDING THE
FOURTH FISCAL QUARTER IN ANY FISCAL YEAR),