DOCUMENT;
(IV)
THE REMOVAL OR DISPOSAL OF ANY PORTION OF THE PROPERTY AFTER AN
EVENT OF DEFAULT;
(V)
THE MISAPPROPRIATION, INTENTIONAL MISAPPLICATION OR CONVERSION BY
BORROWER OR ANY OF ITS AFFILIATES OF (A) ANY INSURANCE PROCEEDS PAID BY REASON
OF ANY CASUALTY, (B) ANY AWARDS RECEIVED IN CONNECTION WITH A CONDEMNATION,
(C) ANY RENTS FOLLOWING AN EVENT OF DEFAULT AND NOT APPLIED TO DEBT SERVICE,
OPERATING EXPENSES OR OTHERWISE PAID TO LENDER, OR (D) ANY RENTS PAID MORE THAN
ONE (1) MONTH IN ADVANCE;
181
(VI)
FAILURE TO PAY CHARGES FOR LABOR OR MATERIALS OR OTHER CHARGES
THAT CAN CREATE LIENS ON ANY PORTION OF THE PROPERTY TO THE EXTENT FUNDS ARE
AVAILABLE FOR SUCH PURPOSE (IT BEING UNDERSTOOD THAT THERE SHALL BE NO RECOURSE
IF LENDER IS OBLIGATED TO APPLY SUCH FUNDS HELD IN ANY APPLICABLE RESERVE
ACCOUNT TO PAY THE FOREGOING AND FAILS TO DO SO);
(VII)
FAILURE BY OPBIZ TO CONTINUE TO OPERATE THE CASINO COMPONENT AND
MAINTAIN THE GAMING LICENSES AT ANY TIME IN ACCORDANCE WITH THE REQUIREMENTS OF
SECTION 5.1.26(E);
(VIII)
ANY SECURITY DEPOSITS, ADVANCE DEPOSITS OR ANY OTHER DEPOSITS
COLLECTED WITH RESPECT TO THE PROPERTY WHICH ARE NOT DELIVERED TO LENDER UPON A
FORECLOSURE OF THE PROPERTY OR ACTION IN LIEU THEREOF, EXCEPT TO THE EXTENT ANY
SUCH SECURITY DEPOSITS WERE APPLIED IN ACCORDANCE WITH THE TERMS AND CONDITIONS
OF ANY OF THE LEASES PRIOR TO THE OCCURRENCE OF THE EVENT OF DEFAULT THAT GAVE
RISE TO SUCH FORECLOSURE OR ACTION IN LIEU THEREOF;
(IX)
ANY DISTRIBUTION, DIVIDEND OR OTHER PAYMENT MADE IN CONTRAVENTION
OF THE PROVISIONS OF SECTION 5.2.9.
(C)
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, THE
NOTE OR ANY OF THE LOAN DOCUMENTS, (I) LENDER SHALL NOT BE DEEMED TO HAVE WAIVED
ANY RIGHT WHICH LENDER MAY HAVE UNDER SECTION 506(A), 506(B), 1111(B) OR ANY
OTHER PROVISIONS OF THE U.S. BANKRUPTCY CODE TO FILE A CLAIM FOR THE FULL AMOUNT
OF THE DEBT SECURED BY THE SECURITY INSTRUMENT OR TO REQUIRE THAT ALL COLLATERAL
SHALL CONTINUE TO SECURE ALL OF THE DEBT OWING TO LENDER IN ACCORDANCE WITH THE
LOAN DOCUMENTS, AND (II) THE DEBT SHALL BE FULLY RECOURSE TO BORROWER (A) IN THE
EVENT OF: (I) BORROWER FILING A VOLUNTARY PETITION UNDER THE BANKRUPTCY CODE OR
ANY OTHER FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY LAW; (II) THE FILING OF AN
INVOLUNTARY PETITION AGAINST BORROWER UNDER THE BANKRUPTCY CODE OR ANY OTHER
FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY LAW BY ANY OTHER PERSON IN WHICH
BORROWER, PRINCIPAL OR GUARANTOR OR ANY OF THEIR RESPECTIVE AFFILIATES, AGENTS
OR EMPLOYEES COLLUDES WITH OR OTHERWISE ASSISTS SUCH OTHER PERSON, OR BORROWER,
PRINCIPAL OR GUARANTOR OR ANY OF THEIR RESPECTIVE AFFILIATES, AGENTS OR
EMPLOYEES SOLICITING, OR CAUSING TO BE SOLICITED, PETITIONING CREDITORS FOR AN
INVOLUNTARY PETITION AGAINST BORROWER UNDER THE BANKRUPTCY CODE OR ANY OTHER
FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY LAW; (III) BORROWER FILING AN ANSWER
CONSENTING TO OR OTHERWISE ACQUIESCING IN OR JOINING IN ANY INVOLUNTARY PETITION
FILED AGAINST IT, BY