that default, nor (ii) their right to exercise that remedy for
any subsequent default.
SECTION 7.03.
APPLICATION OF PROCEEDS.
ALL PAYMENTS AND PROCEEDS
RECEIVED AND ALL AMOUNTS HELD OR REALIZED FROM THE SALE OR OTHER DISPOSITION OF
THE COLLATERAL PROPERTIES AND/OR COLLATERAL, WHICH ARE TO BE APPLIED HEREUNDER
TOWARDS SATISFACTION OF BORROWERS' OBLIGATIONS UNDER THE CREDIT FACILITY, SHALL
BE APPLIED IN THE FOLLOWING ORDER OF PRIORITY:
A.
FIRST, TO THE PAYMENT OF ALL REASONABLE FEES, COSTS AND EXPENSES
(INCLUDING REASONABLE ATTORNEY'S FEES AND EXPENSES) INCURRED BY AGENT BANK
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AND BANKS, THEIR AGENTS OR REPRESENTATIVES IN CONNECTION WITH THE REALIZATION
UPON ANY OF THE COLLATERAL;
B.
NEXT, TO THE PAYMENT IN FULL OF ANY OTHER AMOUNTS DUE UNDER THIS
CREDIT AGREEMENT, THE SECURITY DOCUMENTATION, OR ANY OTHER LOAN DOCUMENTS (OTHER
THAN THE NOTES AND ANY LIABILITY UNDER THE SECURED INTEREST RATE HEDGES);
C.
NEXT, TO THE BALANCE OF INTEREST REMAINING UNPAID ON THE NOTES;
D.
NEXT, TO THE BALANCE OF PRINCIPAL REMAINING UNPAID ON THE
REVOLVING CREDIT NOTE;
E.
NEXT, TO THE PAYMENT OF ANY OTHER AMOUNTS OWING TO BANKS WHICH IS
NECESSARY TO CAUSE CREDIT FACILITY TERMINATION, INCLUDING, WITHOUT LIMITATION,
ANY AMOUNTS OWING WITH RESPECT TO THE SECURED INTEREST RATE HEDGES; AND
F.
NEXT, THE BALANCE, IF ANY, OF SUCH PAYMENTS OR PROCEEDS TO
WHOMEVER MAY BE LEGALLY ENTITLED THERETO.
SECTION 7.04.
NOTICES.
IN ORDER TO ENTITLE AGENT BANK AND/OR BANKS TO
EXERCISE ANY REMEDY AVAILABLE HEREUNDER, IT SHALL NOT BE NECESSARY FOR AGENT
BANK AND/OR BANKS TO GIVE ANY NOTICE, OTHER THAN SUCH NOTICE AS MAY BE REQUIRED
EXPRESSLY HEREIN OR BY APPLICABLE LAW.
SECTION 7.05.
AGREEMENT TO PAY ATTORNEY'S FEES AND EXPENSES.
SUBJECT
TO THE PROVISIONS OF SECTION 10.14, UPON THE OCCURRENCE OF AN EVENT OF DEFAULT,
AS A RESULT OF WHICH AGENT BANK SHALL REQUIRE AND EMPLOY ATTORNEYS OR INCUR
OTHER EXPENSES FOR THE COLLECTION OF PAYMENTS DUE OR TO BECOME DUE OR THE
ENFORCEMENT OR PERFORMANCE OR OBSERVANCE OF ANY OBLIGATION OR AGREEMENT ON THE
PART OF BORROWERS CONTAINED HEREIN, BORROWERS SHALL, ON DEMAND, PAY TO AGENT
BANK THE REASONABLE FEES OF SUCH ATTORNEYS AND SUCH OTHER REASONABLE EXPENSES SO
INCURRED BY AGENT BANK.
SECTION 7.06.
NO ADDITIONAL WAIVER IMPLIED BY ONE WAIVER.
IN THE EVENT
ANY AGREEMENT CONTAINED IN THIS CREDIT AGREEMENT SHOULD BE BREACHED BY EITHER
PARTY AND THEREAFTER WAIVED BY THE OTHER PARTY, SUCH WAIVER SHALL BE LIMITED TO
THE PARTICULAR BREACH SO WAIVED AND SHALL NOT BE DEEMED TO WAIVE ANY OTHER
BREACH HEREUNDER.
SECTION 7.07.
LICENSING OF AGENT BANK AND LENDERS.
IN THE EVENT OF THE
OCCURRENCE OF AN EVENT OF DEFAULT HEREUNDER OR UNDER ANY OF THE LOAN DOCUMENTS
AND IT SHALL BECOME NECESSARY, OR IN THE OPINION OF REQUISITE LENDERS ADVISABLE,
FOR AN AGENT, SUPERVISOR, RECEIVER OR OTHER REPRESENTATIVE OF AGENT BANK AND
BANKS TO BECOME LICENSED UNDER THE PROVISIONS OF THE LAWS AND/OR REGULATIONS OF
ANY GAMING AUTHORITY AS
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A CONDITION TO RECEIVING THE BENEFIT OF ANY COLLATERAL ENCUMBERED BY THE DEEDS
OF TRUST